Visualizing a Markov Chain

Bull Market: Strong growth and investor optimism.
Bear Market: Declining stock prices and pessimism.
Stagnant Market: Minimal movement, uncertain direction.

Markov Chains are often visualized in diagrams showing the different stages connected by arrows representing the possible transitions.

Suppose you're analyzing market trends using a Markov Chain model. The market can be in one of three states:

In the pictured Markov Chain diagram, what does the number marked in red represent?

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Advanced Probability: Uncertainty in Data

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