Question: Consider a random walk in the set {0,1,..., M} with transition probabilities P01 1, PM,M-1 = 1, and Pi,i-1 = 9, pi,i+1 = P,

Consider a random walk in the set {0,1,..., M} with transition probabilities P01 1, PM,M-1 = 1, and Pi,i-1 =

Consider a random walk in the set {0,1,..., M} with transition probabilities P01 1, PM,M-1 = 1, and Pi,i-1 = 9, pi,i+1 = P, Pi,i = 1-p -q for i = 1, ..., M - 1. (a) Sketch the state transition diagram. (b) Find the long-term proportion of time spent in each state, and the limit of p; (n) as = n 0.

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