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Assume workers transition through the labor force independently with the transitions following a homogeneous Markov chain with...

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Statistics

Assume workers transition through the labor forceindependently with the
transitions following a homogeneous Markov chain with threestates:
• Employed full-time
• Employed part-time
• Unemployed
The transition matrix is:


0.90 0.07 0.03
0.05 0.80 0.15
0.15 0.15 0.70

.
• Worker Y is currently employed full-time
• Worker Z is currently employed part-time
Find the probability that either Y or Z, but not both will beunemployed after two transitions.

Answer & Explanation Solved by verified expert
3.7 Ratings (412 Votes)
Let 012 repectively denote the transition states Employedfulltime Employed parttime and UmemployedDefine state of worker Y at time t and state    See Answer
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