Find the market shares for the three retailers in month 1.
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter1: Functions
Section1.EA: Extended Application Using Extrapolation To Predict Life Expectancy
Problem 7EA
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![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.
Find the market shares for the three retailers in month 1.
A) (0.55, 0.12, 0.33)
B (0.09, 0.42, 0.49)
(0.55, 0.33, 0.12)
D) (0.18, 0.12, 0.70)
[0.3 0.6 0.11
P=0.7 0.2 0.1
0.4 0.3 0.3]
E) (0.33, 0.33, 0.33)
T(0) [0.3, 0.6,0.1]
=](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd6f7414f-b824-4027-84ca-72df92342446%2F3b76ebb1-3ba3-46e0-bd20-28aaf500e870%2Fbk01d7j_processed.png&w=3840&q=75)
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.
Find the market shares for the three retailers in month 1.
A) (0.55, 0.12, 0.33)
B (0.09, 0.42, 0.49)
(0.55, 0.33, 0.12)
D) (0.18, 0.12, 0.70)
[0.3 0.6 0.11
P=0.7 0.2 0.1
0.4 0.3 0.3]
E) (0.33, 0.33, 0.33)
T(0) [0.3, 0.6,0.1]
=
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