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To find the long-term forecast for a certain two-state Markov chain, the following system of equations arises: 0.8x + (1 - 0.82)y = x (1
To find the long-term forecast for a certain two-state Markov chain, the following system of equations arises:
0.8x + (1 - 0.82)y = x
(1 - 0.8)x + 0.82y = y
x + y = 1
Solve the system of equations, then enter the solution for x in decimal form (rounded to four decimal places).
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