Table 14-6 The Following Data Consists of a Matrix of Transition Probabilities

question 80

Multiple Choice

Table 14-6
The following data consists of a matrix of transition probabilities (P) of four majors in the College of Business, and the initial proportion of students in each major π(0) .Assume that each state represents a major and the transition probabilities represent changes from one major to the next after taking the introductory class in each discipline.
P =

π(0) = (.4, .3, .2, .1)
-Using the data in Table 14-6, what proportion of students will major in Major 2?

• A).232
• B).207
• C).213
• D).224

Distinguish between demand curves and marginal revenue curves in the context of monopolistically competitive firms.

Recognize the concept of minimum average variable cost and its relevance in the long-run equilibrium.

Understand the efficiency implications of monopolistic competition in terms of resource use.

Compare the production and pricing decisions between monopolistically competitive firms and perfectly competitive firms.

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