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7. Costa Rica has the highest Happiness index. If it were removed from the data, would the correlation become stronger, weaker, or remain the same? Explain what this tell us about Costa Rica. (2 pts) Click or tap here to enter text.Consider the following Markov chain with the following transition diagram on states {1, 2, 3} al- 2 CO 173 3 (a) Is this Markov chain irreducible? [1 marks] (b) Find the probability of the Markov chain to move to state 3 after two time steps, providing it starts in state 2. [3 marks]In general, the study of choices people make in a world of limits is called... Select one: O scarcity O macroeconomics O subjective values O microeconomics O rationing O free goods O rational decision-making O scarce goods economics normative economics O positive economics O ceteris paribusA stationary distribution of an m-state Markov chain is a probability vector q such that = q P, where P is the probability transition matrix. A Markov chain can have more than one stationary distribution. Identify all the stationary distributions that you can, for the 3-state Markov chain with transition probability matrix O O P Owl Does this Markov chain have a steady-state probability distribution ? 15 points