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What is a registered output?
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Basically, if flip flop or register (more than one flip flop) is used to store the output it is called registered
output.In case of your pdf,output z is not registered,it is combinatorial.
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How can you tell how much latency there is?
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Latency can be calculated by number of clock cycle require to transfer input to
output.In case of your pdf, if we consider next_state is input and state is output(This is for example only.Because these two signals are not the part of IO port ) then there will be a latency of 1 to reach the value of next_state to state signal.