Question

Probelm 5 not 4. Please pay attention to the method.

4. Reservoir storage at a water-rich location is summarized in a Markov transition probability matrix, modeling four discrete states and their transition from one month to the next. The four states are "empty," "low," "medium," and "ful If the present supply is "low," calculate the expected time to become "full. Separately, calculate the probability that it will become "empty" before it becomes "ful" Use absorbing state methods from Ang & Tang introduced in our 1 October lecture. (Answers: 3.95 months; 0.20, 0.80 0.4 0.30.3 0 0.1 0.40.4 0.1 0 0.2 0.2 0.6 0.2 0.8 0 0 5. Repeat problem 4 using the methods from Kemeny & Snell introduced in our 3 October lecture.

Answer 1