In the Long Run,in Markov Analysis

question 29

Multiple Choice

In the long run,in Markov analysis,

• A)all state probabilities will eventually become zeros or ones.
• B)generally,the vector of state probabilities,when multiplied by the matrix of transition probabilities,will yield the same vector of state probabilities.
• C)the matrix of transition probabilities will change to an equilibrium state.
• D)All of the above
• E)None of the above

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Definitions:

Annual Output

The aggregate sum of products and services generated by an economy or company within a single year.

Standard of Living

A measure of the economic welfare and the quality of life of a population, based on income, employment, class disparity, poverty rate, and housing affordability.

Productivity

The efficiency of production measured by the output per unit of input.

Standard of Living

The measure of fiscal prosperity, convenience, material assets, and critical needs granted to a select socioeconomic layer or specific geographic territory.