Data collected from selected major metropolitan areas in the eastern United States show that 3% of...

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Data collected from selected major metropolitan areas in the eastern United States show that 3% of individuals living within the city limits move to the suburbs during a one-year period, while 1% of individuals living in the suburbs move to the city during a one-year period. Answer the following questions assuming that this process is modeled by a Markov process with two states: city and suburbs. (a) Prepare the matrix of transition probabilities. From City City Suburbs To Suburbs (b) Compute the steady-state probabilities. (Enter your probabilities as fractions.) City Suburbs = 1 2 = (c) In a particular metropolitan area, 40% of the population lives in the city, and 60% of the population lives in the suburbs. What population changes do your steady-state probabilities project for this metropolitan area? The area will show ---Select--- in the city population and ---Select--- in the suburb population. Data collected from selected major metropolitan areas in the eastern United States show that 3% of individuals living within the city limits move to the suburbs during a one-year period, while 1% of individuals living in the suburbs move to the city during a one-year period. Answer the following questions assuming that this process is modeled by a Markov process with two states: city and suburbs. (a) Prepare the matrix of transition probabilities. From City City Suburbs To Suburbs (b) Compute the steady-state probabilities. (Enter your probabilities as fractions.) City Suburbs = 1 2 = (c) In a particular metropolitan area, 40% of the population lives in the city, and 60% of the population lives in the suburbs. What population changes do your steady-state probabilities project for this metropolitan area? The area will show ---Select--- in the city population and ---Select--- in the suburb population.