Question: Data collected from selected major metropolitan areas in the eastern United States show that 2% of individuals living within the city limits move to the

Data collected from selected major metropolitan
Data collected from selected major metropolitan areas in the eastern United States show that 2% of individuals living within the city limits move to the suburbs during a one-year period, while 3% 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. (b) Compute the steady-state probabilities. (Enter your probabilities as fractions.)

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