The purchase patterns for two brands of toothpaste can be expressed as a Markov process with the following transition probabilities. To From Special B MDA Special B 0.90 0.10 MDA 0.04 0.96 (a) Which brand appears to have the most loyal customers? Explain. _____ has the most loyal customers because _____ % stay with them and only _____ % switch to the other brand, as opposed to _____ where only _____ % stay with them and_____ % switch. (b) What are the projected market shares for the two brands? (Enter exact numbers as integers, fractions, or decimals.) Special B ?1= _____ MDA ?2= _____

The purchase patterns for two brands of toothpaste can be expressed as a Markov process with the following transition probabilities. To From Special B MDA Special B 0.90 0.10 MDA 0.04 0.96 (a) Which brand appears to have the most loyal customers? Explain. ___ has the most loyal customers because _ % stay with them and only _ % switch to the other brand, as opposed to _ where only _ % stay with them and_ % switch. (b) What are the projected market shares for the two brands? (Enter exact numbers as integers, fractions, or decimals.) Special B ?1= _ MDA ?2= ___

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter10: Sequences, Series, And Probability

Section10.8: Probability

Problem 30E

See similar textbooks

Related questions

Q: The purchase patterns for two brands of toothpaste can be expressed as a Markov process with the…

A: The transition probability matrix is given as: P=Special BMDASpecial BMDA0.90 0.100.02…

Q: next Luca and Si play a snooker game, which consists of several rounds ('frames'). They are quite…

A: As per the guidelines of Bartleby, we are providing solution of only first 3 parts.

Q: Q4. Assume that only at the end of a year a person can change her cola preferences based on the…

A: From the given matrix, find the square matrix, P is the transition matrix P =…

Q: Suppose we play Rock-Paper-Scissors with the strategy of throwing rock, paper, or scissors randomly…

A: Given the transition matrix as R P SP=RPS0132312012100

Q: When the store opens, Arish, Meera, and Zenobia enter. There are two service counters. Arish begins…

A: Given, The mean service time for Arish as 4 minutes, for Meera as 5 minutes and for Zenobia as 6…

Q: (a) First upgrade (b) Second upgrade (c) Third upgrade

A: Probability of having phone A after first upgrade: P(A) =P(A/A) + P(A/B) -P(B/A) =…

Q: A study of pine nut crops in the American southwest from 1940 to 1947 hypothised that nut production…

Q: Nick takes half-court shots on a basketball court. He is a streaky shooter, so his shot outcomes are…

A: Given Information: Consider state 0 as make shot and state 1 as Miss shot.

Q: Suppose that past experience shows that about 11% of passengers who are scheduled to take a…

A: It is given n=32 and the probability of passengers who are scheduled to take a particular flight…

Q: Suppose you have the following transition probabilities. P = Product A B C A 0.40 0 0.60 B 0.30…

Q: Draw the transition probability graph and construct the transition probability matrix of the…

A: We have to construct transition probability matrix

Q: A study conducted by the Urban Energy Commission in a large metropolitan area indicates the…

A: The transition matrix associate with the problem is given as:

Q: The computer center at Rockbottom University has been experiencing computer downtime. Let us assume…

A: There is computer downtime at Rockbottom University's computer center. The system's behavior is…

Q: Draw the transition probability graph and construct the transition probability matrix of the…

Q: You would like to rebalance your portfolio in order to be closer to the M/V portfolio. To avoid…

A: In this scenario, you have an existing portfolio of eight stocks and an optimal mean/variance (M/V)…

Q: 13) THE MARKOV CHAIN EXPERIMENT DESCRIBED BELOW HAS TWO STATES: USING A CREDIT CARD AND NOT USING A…

Q: Consider the following normal form of the game with two players. What is the Nash Equilibrium of…

A: Given: The normal form of the game with two players, Player 1 and Player 2 (say).To find: Nash…

Q: F) what is probability of successful system operation?

A: Here in given system probability of each component work is given

Q: The weather can be considered a stochastic system, because it evolves in a probabilistic manner from…

Q: Customer arrival follows a Poisson distribution. The rate is 1 job per day. The organization can…

A: A stochastic model, in contrast to deterministic models having the same set of parameters and…

Q: Appointments

Q: A study conducted by the Urban Energy Commission in a large metropolitan area indicates the…

A: Let be the long term distribution This steady distribution must stay unchanged overtime…

Q: Draw the transition probability graph and construct the transition probability matrix of the…

A: Solution ::

Q: The purchase patterns for two brands of toothpaste can be expressed as a Markov process with the…

Q: Suppose a person is thinking about entering a MarioKart competition at their local videogame store.…

A: The following solution is provided below

Q: What will be company A’s market share in the long run given the following probabilities of movements…

A: Given the probabilities of movements of clients from company to another as A B…

Q: A study conducted by the Urban Energy Commission in a large metropolitan area indicates the…

Concept explainers

Purchase Process

Purchasing refers to the act of procurement of products or services from a market of resources. The procedures used to accomplish the acquisition of the requisite resources are referred to as the purchasing process. Consumer behavior, customer strategy, product pricing, consumer necessity, and other variables are various parts of the process.

Question

The purchase patterns for two brands of toothpaste can be expressed as a Markov process with the following transition probabilities.

From	Special B	MDA
	To
Special B	0.90	0.10
MDA	0.04	0.96

(a)

Which brand appears to have the most loyal customers? Explain. _____ has the most loyal customers because _____ % stay with them and only _____ % switch to the other brand, as opposed to _____ where only _____ % stay with them and_____ % switch.

(b)

What are the projected market shares for the two brands? (Enter exact numbers as integers, fractions, or decimals.)

Special B ?₁= _____

MDA ?₂= _____

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Description to part a

VIEW

Step 3: Description to part b

VIEW

Solution

VIEW

Step by step

Solved in 4 steps with 30 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Purchase process$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, probability and related others by exploring similar questions and additional content below.

Similar questions

A study conducted by the Urban Energy Commission in a large metropolitan area indicates the probabilities that homeowners within the area will use certain heating fuels or solar energy during the next 10 years as the major source of heat for their homes. The transition matrix representing the transition probabilities from one state to another is Elec. Gas Oil Solar Electricity .70 .15 .90 .20 .05 Natural Gas .05 .02 .75 Fuel Oil .10 .08 .05 .95 Solar Energy Among homeowners within the area, 25% currently use electricity, 40% use natural gas, 30% use oil, and 5% use solar energy as the major source of heat for their homes. What is the expected distribution of the homeowners that will be using each type of heating fuel or solar energy within the next decade? (Round your answers to two decimal places.) electricity X % natural gas % fuel oil X % Enter a number. solar energy
In a hotel, each employee is in one of three possible job classifications, and changes that classifications (independently) according to a Markov chain with transition probabilities. What percentage of employees are in each classification?
A study conducted by the Urban Energy Commission in a large metropolitan area indicates the probabilities that homeowners within the area will use certain heating fuels or solar energy during the next 10 years as the major source of heat for their homes. The following transition matrix represents the transition probabilities from one state to another. Electricity 10.2 Natural Gas Fuel Oil Solar Energy Elec. Gas Oil 0.60 0.05 0.10 0.15 0.85 0.10 0.08 Solar 0 0.10 0.02 0.75 0.08 0.15 0.08 0.05 0.84 Among homeowners within the area, 20% currently use electricity, 35% use natural gas, 40% use oil, and 5% use solar energy as the major source of heat for their homes. In the long run, percentage of homeowners within the area will be using solar energy as their major source of heating fuel? (Round your answer to one decimal place. Assume the trend continues.) X % what
The purchase patterns for two brands of toothpaste can be expressed as a Markov process with the following transition probabilities. To From Special B MDA Special B 0.90 0.10 MDA 0.02 0.98 (a)Which brand appears to have the most loyal customers? Explain. MDA has the most loyal customers because ( ) %? stay with them and only ( ) %? switch to the other brand, as opposed to Special B where only ( )%? stay with them and ( )%? switch. (b) What are the projected market shares for the two brands? (Enter exact numbers as integers, fractions, or decimals.) Special B?1=? MDA?2=?
I need help solving part B please.. The computer center at Rockbottom University has been experiencing computer downtime. Let us assume that the trials of an associated Markov process are defined as one-hour periods and that the probability of the system being in a running state or a down state is based on the state of the system in the previous period. Historical data show the following transition probabilities. To From Running Down Running 0.90 0.10 Down 0.20 0.80 (a) If the system is initially running, what is the probability of the system being down in the next hour of operation? The asnwer for part A is .10! (b) What are the steady-state probabilities of the system being in the running state and in the down state? (Enter your probabilities as fractions.) Running?1= ? Down?2= ?
The purchase patterns for two brands of toothpaste can be expressed as a Markov process with the following transition probabilities. From Special B MDA Need Help? Special B 0.90 = π 1 1/5 π2 1/5 Read It To 0.02 MDA (a) Which brand appears to have the most loyal customers? Explain. MDA ✔✔✔has the most loyal customers because 98 0.10 % stay with them and only 2 (b) What are the projected market shares for the two brands? (Enter exact numbers as integers, fractions, or decimals.) Special B MDA 0.98 X x % switch to the other brand, as opposed to Special B✔✔✔ where only 90 ✓ % stay with them and 10 ✓ % switch.
Luca and Si play a snooker game, which consists of several rounds ('frames'). They are quite evenly matched: for the first frame, both have an equal probability of winning. However, Si's performance is influenced by the evolution of the game: if he looses a frame, his chances for winning the next one decrease to 48%; if he wins a frame, his chances for winning the next one increase to 51%. Suppose Luca and Si play 3 frames. a. What is the probability that all 3 frames are won by the same player? b. What is the probability that Luca wins the game, meaning he wins at least 2 of the 3 frames? € C. What is the probability that Luca wins the game if Si wins the first frame? . What is the expected number of games won by Luca?
Suppose that Phone A has a 20% market share initially, with Phone B having an 80% market share. The transition matrix to the right represents customers who currently own phones A and B and the probability that they will upgrade to a new phone A or B. Use this transition matrix to find the share for each phone after the following upgrades. A B A 0.8 0.2 B 0.25 0.75 (a) First upgrade (b) Second upgrade (c) Third upgrade (a) With the first upgrade, Phone A has % of the market and Phone B has % of the market. (Round your answers to two decimal places as needed.)
can you please do part d and e , please provide explanations
please see image for question.
Appointments in a medical office are scheduled every 15 minutes. Throughout the day, appointments will be running on time or late, depending on the previous appointment only, according to the following matrix of transition probabilities: Previous Appointment Next Appointment On Time Late On Time .70 .30 Late .45 .55 What are the steady state probabilities?
The purchase patterns for two brands of toothpaste can be expressed as aMarkov process with the following transition probabilities: a. Compute the steady-state probabilities.