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1- Warehouzer owns a renewable forest land for growing pine trees. Trees can fall into one of four categories depending on their age:
1- Warehouzer owns a renewable forest land for growing pine trees. Trees can fall into one of four categories depending on their age: baby (0--5 years), young (5-10 years), mature (11-15 years), and old (more than 15 years). Ten percent of baby and young trees die before reaching the next age group. For mature and old trees, 50% are harvested and only 5% die. Because of the renewal nature of the operation, all harvested and dead tree are replaced with new (baby) trees by the end of the next 5-year cycle.a- Express the forest dynamics as a Markov chain.b- If the forest land can hold a total of 500,000 trees, determine the long-run composition of the forest.c- If a new tree is planted at the cost of $1 per tree and a harvested tree has a market value of $20, determine the average annual income from the forest operation.
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