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A city is served by two newspapers the Tribune and the Daily News. Each Sunday reader purchases one of the newspapers at a stand. The following transition matrix contains the probabilities of a customer’s buying a particular newspaper in a week, given the newspaper purchased the previous Sunday:
This Sunday Next Sunday
Tribune Daily News
Tribune .65 .35
Daily News .45 .55
Determine the steady-state probabilities for this transition matrix algebraically and explain what they mean.
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