WEBVTT
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So we have reached
the final lecture
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of this class which
will also conclude
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our study of discrete
time, finite state space
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Markov chains.
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We will first review the
steady-state behavior
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of Markov chains.
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Then, we are going to talk
about a classical application
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of Markov chains to analyze
the design of a phone system.
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And finally, we will
see how we can calculate
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some interesting
quantities that have
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to do with the behavior
of Markov chains
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over a finite time horizon as
opposed to in the long run.
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So let us start.