  Binding and unbinding of ligands to specific sites of a macromolecule are one
of the most elementary molecular interactions inside the cell that embody the
computational processes of biological regulations. The interaction between
transcription factors and the operators of genes and that between ligands and
binding sites of allosteric enzymes are typical examples of such molecular
interactions. In order to obtain the general mathematical framework of
biological regulations, we formulate these interactions as finite Markov
processes and establish a computational theory of regulatory activities of
macromolecules based mainly on graphical analysis of their state transition
diagrams. The contribution is summarized as follows: (1) Stochastic
interpretation of Michaelis-Menten equation is given. (2) Notion of
\textit{probability flow} is introduced in relation to detailed balance. (3) A
stochastic analogy of \textit{Wegscheider condition} is given in relation to
loops in the state transition diagram. (4) A simple graphical method of
computing the regulatory activity in terms of ligands' concentrations is
obtained for Wegscheider cases.
