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Steady state condition
In many cases, the Markov process will converge to a steady state or equilibrium.
In general, as number of transitions `n' increase, the state values tend to stabilize at steady state. This is a logical occurrence, since the present state tends to lose significance.
Steady State vector:
A steady vector is given in terms of decimal proportions as
Subject to X + Y + Z = 1
i.e. once a steady state is arrived at, multiplication of a state condition by the transition probabilities does not change its state condition.
Hickory Company manufactures two products—14,000 units of Product Y and 6,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor-hours. It is cons
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Stages in activity based costing The different stages in activity based costing are listed below and are shown in figure below. 1) Identification of the activities that may
Steady state condition In many cases, the Markov process will converge to a steady state or equilibrium. In general, as number of transitions `n' increase, the state values
What would be the Nominal Payback Period for an account with 4% compounded annually for 5 years.
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