In a study of the domestic market share of the three major automobile manufacturers A, B, and C in a certain country, it was found that of the customers who bought a car manufactured by A, 75% would again buy a car manufactured by A, 15% would buy a car manufactured by B, and 10% would buy and car manufactured by C. Of the customers who bought a car manufactured by B, 80% would again buy a car manufactured by B, whereas 10% each would buy cars manufactured by A and C. Finally, of the customers who bought a car manufactured by C, 85% would again buy a car manufactured by C, 5% would buy a car manufactured by A, and 10% would buy a car manufactured by B. Assuming that these sentiments reflect the buying habits of customers in the future model years, determine the market share that will be held by each manufacturer in the long run. A % B % %

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 27PPS
icon
Related questions
Question
In a study of the domestic market share of the three major automobile manufacturers A, B, and C in a certain country, it was found that of the
customers who bought a car manufactured by A, 75% would again buy a car manufactured by A, 15% would buy a car manufactured by B, and
10% would buy and car manufactured by C. Of the customers who bought a car manufactured by B, 80% would again buy a car manufactured
by B, whereas 10% each would buy cars manufactured by A and C. Finally, of the customers who bought a car manufactured by C, 85% would
again buy a car manufactured by C, 5% would buy a car manufactured by A, and 10% would buy a car manufactured by B. Assuming that these
sentiments reflect the buying habits of customers in the future model years, determine the market share that will be held by each manufacturer
in the long run.
A
%
B
%
%
Transcribed Image Text:In a study of the domestic market share of the three major automobile manufacturers A, B, and C in a certain country, it was found that of the customers who bought a car manufactured by A, 75% would again buy a car manufactured by A, 15% would buy a car manufactured by B, and 10% would buy and car manufactured by C. Of the customers who bought a car manufactured by B, 80% would again buy a car manufactured by B, whereas 10% each would buy cars manufactured by A and C. Finally, of the customers who bought a car manufactured by C, 85% would again buy a car manufactured by C, 5% would buy a car manufactured by A, and 10% would buy a car manufactured by B. Assuming that these sentiments reflect the buying habits of customers in the future model years, determine the market share that will be held by each manufacturer in the long run. A % B % %
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 4 images

Blurred answer
Knowledge Booster
Markov Processes and Markov chain
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL