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While calculating equilibrium probabilities for a Markov process, it is assumed that?
Answer & Solution
Correct Answer:
Option
B
While calculating equilibrium probabilities for a Markov process, it is assumed that transition probabilities do not change. Markov Analysis is a method used to forecast the value of a variable whose future value is influenced only by its current position or state, not by any prior activity that led the variable to its current position or state.
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