Question: 5. (10 points) Consider a continous-time Markov chain (X1)exo with state space S = {1, 2, 3, 4). From state 1 the process is equally

5. (10 points) Consider a continous-time Markov
5. (10 points) Consider a continous-time Markov chain (X1)exo with state space S = {1, 2, 3, 4). From state 1 the process is equally likely to either transition to 2 or 4; from state 2 and 3 the process is equally likely to transition to all other states; and from state 4 the process always transitions to state 1. Suppose further that the process spends on average Vi units of time in each state i ES. (a) Provide the transition probability matrix P for the embedded chain. (b) Provide the holding time parameters 4 (c) Provide the generator matrix Q. Justify your answer. (d) Draw the transition rate graph

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