The lawyers at a law firm are either associates or partners. At the end of each year,
Question:
(a) Draw the transition diagram for this Markov process. Label the states A, P, and L.
(b) Set up an absorbing stochastic matrix for the Markov process.
(c) Find the stable matrix.
(d) What is the expected number of years that an associate will be in the firm before leaving?
(e) In the long run, what percent of the lawyers will be associates?
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a b c 0501 002 005 The stable matrix is d ...View the full answer
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Related Book For 
Finite Mathematics and Its Applications
ISBN: 978-0134768632
12th edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
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