Estimate the probability , Basic Statistics

The Video Club Martin rents movies at "regular price" andat  "half price". Usually if the films are regularly priced one day, they will be at regular price the next day with probability 2/3, and if they are half price day, they will be half price the next day with probability 1/4. However, the films are always half price on Sunday. Model the price of movies Video Club Martin as a Markov chain.

 

Posted Date: 3/26/2013 7:57:36 AM | Location : United States







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