Question: PLEASE ONLY ANSWER IF YOU KNOW I PREVIOUSLY POSTED THIS AND RECEIVED THE WRONG ANSWER I ONLY HAVE ONE ATTEMPT LEFT TO ANSWET THANKS Data

PLEASE ONLY ANSWER IF YOU KNOW I PREVIOUSLYPLEASE ONLY ANSWER IF YOU KNOW I PREVIOUSLY POSTED THIS AND RECEIVED THE WRONG ANSWER I ONLY HAVE ONE ATTEMPT LEFT TO ANSWET THANKS

Data collected from selected major metropolitan areas in the eastern United States show that 1% of individuals living within the city limits move to the suburbs during a one-year period, while 2% 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. City Suburbs City 0.99 0.01 Suburbs 0.02 0.98 (b) Compute the steady-state probabilities. City 0.667 x , = T2 = Suburbs 0.333 x (c) In a particular metropolitan area, 45% of the population lives in the city, and 55% of the population lives in the suburbs. What population changes do your steady-state probabilities project for this metronalitan area

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