The four brands of soap have the current market share of 0.23, 0.28, 0.25, and 0.24 for brands A, B, C, and D, respectively. Below are the transition probability matrix of the soap brands based on their annual performance and the number of customers using the brands. From/To A B C D Number of Customers A 0.2 0.3 0.1 0.4 2300 B 0 0.2 0.5 0.3 2800 C 0.3 0.5 0 0.2 2500 D 0.3 0.4 0.3 0 2400 a) What is the market share of Brand D in the long run? Answer in 2 decimal places. b) How many customers will shift preference in using Brand C soap in the long run? c) What is the mean return time of Brand 1? Answer in 2 decimal places.

The four brands of soap have the current market share of 0.23, 0.28, 0.25, and 0.24 for brands A, B, C, and D, respectively. Below are the transition probability matrix of the soap brands based on their annual performance and the number of customers using the brands. From/To A B C D Number of Customers A 0.2 0.3 0.1 0.4 2300 B 0 0.2 0.5 0.3 2800 C 0.3 0.5 0 0.2 2500 D 0.3 0.4 0.3 0 2400 a) What is the market share of Brand D in the long run? Answer in 2 decimal places. b) How many customers will shift preference in using Brand C soap in the long run? c) What is the mean return time of Brand 1? Answer in 2 decimal places.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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