Table 14-4 Cuthbert Wylinghauser Is a Scheduler of Transportation for the State

question 43

Multiple Choice

Table 14-4
Cuthbert Wylinghauser is a scheduler of transportation for the state of Delirium.This state contains three cities: Chaos (C1) , Frenzy (C2) , and Tremor (C3) .A transition matrix, indicating the probability that a resident in one city will travel to another, is given below.Cuthbert's job is to schedule the required number of seats, one to each person making the trip (transition) , on a daily basis.
C F T
Transition matrix:

π(0) = [100, 100, 100]
-Using the data given in Table 14-4, find the equilibrium travel population for Frenzy (rounded to the nearest whole person) .

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Definitions:

Long-Run Average Cost Curve

A graphical representation that shows the minimum average cost of production at various levels of output when all inputs, including capital, are variable.

Diseconomies of Scale

A situation in which a company or business grows so large that the costs per unit increase with the level of output.

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the scale of the operant increases, typically leading to a lower cost per unit.

Short-Run Losses

Financial deficits experienced by a business or project within a brief period, often due to initial start-up costs or market fluctuations.