Transition matrix algebraically

Reference no: EM13260218

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 stead-state probabilities for this transition matrix algebraically and explain what they mean.

Reference no: EM13260218

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