Consider the three grocery stores, Murphy’s Foodliner, Ashley’s Supermarket and Quick Stop Groceries. Quick Stop Groceries is smaller than either Murphy’s Foodliner or Ashley’s Supermarket. However, Quick Stop’s convenience with faster service and gasoline for automobiles can be expected to attract some customers who currently make weekly shopping visits to either Murphy’s or Ashley’s. Assume that the transition probabilities are as follows: What is the projected market shares for the 3 convenient stores?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Consider the three grocery stores, Murphy’s Foodliner, Ashley’s
Supermarket and Quick Stop Groceries. Quick Stop Groceries is smaller than either
Murphy’s Foodliner or Ashley’s Supermarket. However, Quick Stop’s convenience with
faster service and gasoline for automobiles can be expected to attract some
customers who currently make weekly shopping visits to either Murphy’s or Ashley’s.
Assume that the transition probabilities are as follows:
What is the projected market shares for the 3 convenient stores?
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