Question: answer all questions with explanation A box always has two cards. Cards are printed as number 1 and number 2. At each stage a card

answer all questions with explanation

answer all questions with explanation A box always has two cards. Cards

A box always has two cards. Cards are printed as number 1 and number 2. At each stage a card is randomly chosen and then replaced by a new card, which with probability 0.7 of the same number and with probability 0.3 of the different number as the card it replaces. (a) Find the state space and transition matrix (b) Each time a card is chosen the player will receive a profit corresponding to the number on the card. If initially in the box, both cards are number 2 find the expected profit that the player can receive after 2 draws. (c) What is the proportion the system in each state in the long run

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