PROBABILITY AND STATISTICSNOTE** PLEASE ONLY ANSWER THE ONE ASKED AT THE END: "Once you have found the state of the market, compare it to its initial state and make a short and meaningful statement about the effectiveness of the market campaign."ANSQ1) [0.380 0.619] 1. A certain business has 55% of the market and the rest of all competitors have the remaining share of themarket. This information is a vector. A survey showed the following Transition Matrix:0.350.650.400.60a) With the given information, show the initial moment market vector.b) Using all the given information, show all work, including calculator functions, to predict the market situationthree weeks later (each generation is one week and the action over the market is a marketing campaign). Onceyou have found the state of the market, compare it to its initial state and make a short and meaningful statementabout the effectiveness of the market campaign.

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Description: PROBABILITY AND STATISTICSNOTE** PLEASE ONLY ANSWER THE ONE ASKED AT THE END: "Once you have found the state of the market, compare it to its initial state and make a short and meaningful statement about the effectiveness of the market campaign."ANSQ

Answered: . A certain business has 55% of the…

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter8: Sequences, Series,and Probability

Section: Chapter Questions

Problem 22CT

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PROBABILITY AND STATISTICS

NOTE** PLEASE ONLY ANSWER THE ONE ASKED AT THE END: "Once you have found the state of the market, compare it to its initial state and make a short and meaningful statement about the effectiveness of the market campaign."

ANSQ1) [0.380 0.619]

1. A certain business has 55% of the market and the rest of all competitors have the remaining share of the
market. This information is a vector. A survey showed the following Transition Matrix:
0.35
0.65
0.40
0.60
a) With the given information, show the initial moment market vector.
b) Using all the given information, show all work, including calculator functions, to predict the market situation
three weeks later (each generation is one week and the action over the market is a marketing campaign). Once
you have found the state of the market, compare it to its initial state and make a short and meaningful statement
about the effectiveness of the market campaign.

Expert Solution

Step 1

Given information:

The given transition matrix is:

Step 2

(a). Find the initial moment market matrix:

It is given that, a certain business has 55% of the market and the rest of all competitors have the remaining share of the market.

The initial moment market matrix is given below:

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