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A midwestern university has three types of health plans: a health maintenance organization (HMO),…

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A midwestern university has three types of health plans: a health maintenance organization (HMO), a preferred provider organization (PPO), and a traditional fee for service plan (FFS). Experience dictates that people change plans according to the following transition matrix

A midwestern university has three types of health plans: a health maintenance organization (HMO),...

In 2000, the percentages for the three plans were HMO:30 %, PPO:25 %, and FFS:45 %. (a) What will be the percentages for the three plans in 2001? (b) What is the long run fraction choosing each of the three plans?