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