accounting

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A city is served by two newspapers—the Tribune and the Daily News. Each Sunday reader purchases
one of the newspapers at a stand. The following transition matrix contains the probabilities of a
customer’s buying a particular newspaper in a week, given the newspaper purchased the previous
Sunday:


This Sunday Next Sunday
Tribune Daily News
Tribune 0.65 0.35
0.45 0.55

Determine the steady-state probabilities for this transition matrix algebraically and explain
what they mean.

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