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