Find the market shares for the three retailers in month 1.
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
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Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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![The following data consists of a matrix of transition probabilities (P) of three competing retailers, the initial market share
(0). Assume that each state represents a retailer (Retailer 1, Retailer 2, Retailer 3, respectively) and the transition
probabilities represent changes from one month to the next.
Find the market shares for the three retailers in month 1.
A) (0.55, 0.12, 0.33)
B (0.09, 0.42, 0.49)
(0.55, 0.33, 0.12)
D) (0.18, 0.12, 0.70)
[0.3 0.6 0.11
P=0.7 0.2 0.1
0.4 0.3 0.3]
E) (0.33, 0.33, 0.33)
T(0) [0.3, 0.6,0.1]
=](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd6f7414f-b824-4027-84ca-72df92342446%2F3b76ebb1-3ba3-46e0-bd20-28aaf500e870%2Fbk01d7j_processed.png&w=3840&q=75)
Transcribed Image Text:The following data consists of a matrix of transition probabilities (P) of three competing retailers, the initial market share
(0). Assume that each state represents a retailer (Retailer 1, Retailer 2, Retailer 3, respectively) and the transition
probabilities represent changes from one month to the next.
Find the market shares for the three retailers in month 1.
A) (0.55, 0.12, 0.33)
B (0.09, 0.42, 0.49)
(0.55, 0.33, 0.12)
D) (0.18, 0.12, 0.70)
[0.3 0.6 0.11
P=0.7 0.2 0.1
0.4 0.3 0.3]
E) (0.33, 0.33, 0.33)
T(0) [0.3, 0.6,0.1]
=
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