Three fast food hamburger restaurants are competing for the college lunch crowd. Burger Bills has 40% of the market while Hungry Heifer and Salty Sams each have 30% of the market. Burger Bills loses 10% of its customers to Hungry Heifer and 10% to Salty Sams each month. Hungry Heifer loses 5% of its customers to Burger Bills and 10% to Salty Sams each month. Salty Sams loses 10% of its customers to Burger Bills while 20% go to Hungry Heifer. What will the market shares be for the three businesses next month?
Three fast food hamburger restaurants are competing for the college lunch crowd. Burger Bills has 40% of the market while Hungry Heifer and Salty Sams each have 30% of the market. Burger Bills loses 10% of its customers to Hungry Heifer and 10% to Salty Sams each month. Hungry Heifer loses 5% of its customers to Burger Bills and 10% to Salty Sams each month. Salty Sams loses 10% of its customers to Burger Bills while 20% go to Hungry Heifer. What will the market shares be for the three businesses next month?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Three fast food hamburger restaurants are competing for the college lunch crowd. Burger Bills has 40% of the market while Hungry Heifer and Salty Sams each have 30% of the market. Burger Bills loses 10% of its customers to Hungry Heifer and 10% to Salty Sams each month. Hungry Heifer loses 5% of its customers to Burger Bills and 10% to Salty Sams each month. Salty Sams loses 10% of its customers to Burger Bills while 20% go to Hungry Heifer. What will the market shares be for the three businesses next month?
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