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What is the equilibrium market share? L0.4 0.3 0.

What is the equilibrium market share? L0.4 0.3 0.

A First Course in Probability (10th Edition)
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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please help me get the answer of this question. this is question is very hard for me. thank you

The following data consists of a matrix of transition probabilities (P) of three competing retailers, the initial market share (0). Assume that each state represents a retailer (Retailer 1, Retailer 2, Retailer 3, respectively) and the transition probabilities represent changes from one month to the next. What is the equilibrium market share? A) (0.47, 0.40, 0.13) B) (0.30, 0.60, 0.10) (0.55, 0.33, 0.12) (D) (0.44, 0.43, 0.12 E) (0.55, 0.12, 0.33) [0.3 0.6 0.11 P=0.7 0.2 0.1 0.4 0.3 0.3 T(0) [0.3, 0.6, 0.1] =
Transcribed Image Text:The following data consists of a matrix of transition probabilities (P) of three competing retailers, the initial market share (0). Assume that each state represents a retailer (Retailer 1, Retailer 2, Retailer 3, respectively) and the transition probabilities represent changes from one month to the next. What is the equilibrium market share? A) (0.47, 0.40, 0.13) B) (0.30, 0.60, 0.10) (0.55, 0.33, 0.12) (D) (0.44, 0.43, 0.12 E) (0.55, 0.12, 0.33) [0.3 0.6 0.11 P=0.7 0.2 0.1 0.4 0.3 0.3 T(0) [0.3, 0.6, 0.1] =
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