In a study of the domestic market share of three major automobile manufacturers A, B and C in a certain country, it was found out 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 the rest wouldbuyacarmanufacturedbyC.OfthecustomerswhoboughtacarmanufacturedbyB,90% would again buy a car manufactured by B, 5% would buy a car manufactured by A and the rest would buy a car manufactured by C. 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 the rest would buy a car manufactured by B. Required Justify the long run market share of the manufacturers

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.5: Interpreting Data
Problem 1C
icon
Related questions
Question

In a study of the domestic market share of three major automobile manufacturers A, B and C in a certain country, it was found out 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 the rest wouldbuyacarmanufacturedbyC.OfthecustomerswhoboughtacarmanufacturedbyB,90% would again buy a car manufactured by B, 5% would buy a car manufactured by A and the rest would buy a car manufactured by C. 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 the rest would buy a car manufactured by B.

Required

Justify the long run market share of the manufacturers

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

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, statistics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL