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A 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 pointsQUESTION 8 Porter's Five Forces model is based on: O industrial organization economics. labor and demographic economics. business administration and business economics. environmental and ecological economics.A simple random sample of 49 Economics majors reported the number of hours that they spend per week studying economics (including lectures, sections, office hours and working on homework). The sample mean was 23 hours/week and the sample standard deviation was 7 hours/week. Assuming that the number of hours/week that economics majors spend studying economics has an approximately normal distribution. .. a. (2 pts) Estimate the proportion of economics majors that spend less than 30 hours per week studying economics. Explain your reasoning, briefly. b. (4 pts) Construct a 95%-confidence interval for the mean number of economics- studying hours/week for all economics majors.differentiates between positive and normative economics? gments, whereas normative economics is not. t people ought to do, whereas normative economics describes what people actually do whereas normative economics is advisory. pplied to microeconomics, whereas normative economics can be applied to both microecono