The PSTAT Department at UCSB has developed a Markov model to simulate graduation rates in their programs. Students might drop out, repeat a year, or move on to the next year until they graduate. Students have a 3% chance of repeating their current year. First-years and sophomores have a 6% chance of dropping out. For juniors and seniors, the drop-out rate is 4%. Provide the state space S and the transition probability matrix for this Markov chain. Also draw the associated transition graph.

State space

Transition probability matrix

The transition graph is attached.

Step-by-step explanation:

The state space for this Markov chain is all the possible states that the variable can take.

In this case the student can be: Freshman, Sophomore, Junior, Senior, Graduate and Drop out

The transition probability matrix for this state space is:

The transition graph is attached.

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step-by-step explanation:

the  office resources  are the human, physical and financial  resources  which are utilized for performing all the activities in order to achieve the organizational objectives.

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