Assume that we use a Markov chain to model the status of an automobile. The auto

Question

Assume that we use a Markov chain to model the status of an automobile. The auto can be in one of four states: excellent, good, OK, and poor. The transition matrix for the auto has the following entries: p11 = 1/2, p12 = 1/4, p13 = 1/8, p14 = 1/8, p21 = 0, p22 = 5/8, p23 = 1/4, P24 = 1/8, p31 = 0, p32 = 0, p33 = 3/4, p34 = 1/4, P41 = 0, p42 = 0, p43 = 0, and p44 = 1. Using the random number generator function in Excel, generate the states Xn, n = 1, 2, , 50 of the Markov chain stated above, where X0 = 1. (Show the random numbers generated and the states of the process at each time n.)

Explanation / Answer

n = 5,6,7

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