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What would the mean and variance be? 1. States of health a. Given the conditional probabilities of being in various states of heath below, find
What would the mean and variance be?
1. States of health a. Given the conditional probabilities of being in various states of heath below, find the probabilities of being in these various states of health over the next 15 time periods. Assume you are well in period 1. State U State t+1 all m m serious ; IWell; 0.70, 0.25, 0.04, 0.01, leold; 0.60, 0.20, 0.15, 0.05, Probability of state t+1 given lflu; 0.20, 0.30, 0.40, 0.10, state int lserious; 0.05, 0.15, 0.20, 0.60 ; b. Find the steady state or stationary probabilities of being in these different states. c. Add another state (death) and associated conditional probabilities. What are the stationary probabilities of the states of heath nowStep by Step Solution
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