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 % %
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
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