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In a certain city, the Democratic, Republican, and Consumer parties have members of their parties on the city council. The probability of a member of this party winning in any election depends on the proportional membership of his/her party at the time of the election. The probabilities for all these parties winning are given by the following transition matrix P. Using the given transition matrix and assuming the initial-probability vector is , find the probability vectors for the next four steps of the Markov chain. Round all numerical values in your answer to four decimal places.
Bell Mobility
A Canadian telecommunications and wireless service provider that offers a range of mobile services, including voice, text, and data communications.
Telus Mobility
A Canadian wireless network operator and a division of Telus Communications offering mobile voice, text, and data services.
Free Market
An economic system in which prices are determined by unrestricted competition between privately owned businesses.
Economic Growth
The increase in the inflation-adjusted market value of the goods and services produced by an economy over time, often measured as the percentage increase in real gross domestic product (GDP).
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