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The following data consists of a matrix of transition probabilities (P) of three competing companies, the initial market share state ℼ(1), and the equilibrium probability states. Assume that each state represents a firm (Company 1, Company 2, and Company 3, respectively) and the transition probabilities represent changes from one month to the next. The market share of Company 2 after two periods is a. 0.283 b. 0.26 c. 0.261 d. 0.47

The following data consists of a matrix of transition probabilities (P) of three competing companies, the initial market share state ℼ(1), and the equilibrium probability states. Assume that each state represents a firm (Company 1, Company 2, and Company 3, respectively) and the transition probabilities represent changes from one month to the next. The market share of Company 2 after two periods is a. 0.283 b. 0.26 c. 0.261 d. 0.47

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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The following data consists of a matrix of transition probabilities (P) of three competing companies, the initial market share state ℼ(1), and the equilibrium probability states. Assume that each state represents a firm (Company 1, Company 2, and Company 3, respectively) and the transition probabilities represent changes from one month to the next.

The market share of Company 2 after two periods is

a. 0.283
b. 0.26
c. 0.261
d. 0.47
0.1 0.6 0.3 P= 0.7 0.1 0.2 0.2 0.2 0.6 л(1) = (0.3, 0.6, 0.1) ₁ = 0.3168 ₂0.2970 g = 0.3862
Transcribed Image Text:0.1 0.6 0.3 P= 0.7 0.1 0.2 0.2 0.2 0.6 л(1) = (0.3, 0.6, 0.1) ₁ = 0.3168 ₂0.2970 g = 0.3862
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