What is the equilibrium distribution of states

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Question: Markov Chains with Reward. You might consider your automobile and its random failures to be a Markov chain. It makes monthly transitions between the states "running well" and "not running well." When it is not running well it must be taken to a garage to be repaved, at a cost of $50. It is possible to improve the Iikelihood that the automobile will continue to run well by having monthly service at a cost of $10. Depending on your policy your automobile transitions will be governed by either of two Markov chains, defined by

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(a) For each of the two policies, what is the equilibrium distribution of states?

(b) In equilibrium, what is the average monthly cost of each of the two policies?

Reference no: EM131466701

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