A certain utility firm has noticed that a residential customer's bill for one month is dependent on the previous month's bill.The observations are summarized in the following transition matrix. The utility company would like to know the long-run probability that a customer's bill will increase, the probability the bill will stay the same, and the probability the bill will decrease.

Question

A certain utility firm has noticed that a residential customer's bill for one month is dependent on the previous month's bill.The observations are summarized in the following transition matrix.  The utility company would like to know the long-run probability that a customer's bill will increase, the probability the bill will stay the same, and the probability the bill will decrease.

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The Answer of A certain utility firm has noticed that a residential customer's bill for one month is dependent on the previous month's bill.The observations are summarized in the following transition matrix.  The utility company would like to know the long-run probability that a customer's bill will increase, the probability the bill will stay the same, and the probability the bill will decrease.

A Certain Utility Firm Has Noticed That a Residential Customer's