Consider the three competing grocery stores in town, T’San Grocery, 654 Grocery and Sunlight Grocery. Consider the transition probabilities below: To To To From T'San 654 Sunlight T'San 0.65 0.15 0.2 654 0.15 0.80 0.05 Sunlight 0.10 0.15 0.75 a. Compute the steady-state probabilities for this three-state Markov process. b. What market share will each store obtain?
Consider the three competing grocery stores in town, T’San Grocery, 654 Grocery and Sunlight Grocery. Consider the transition probabilities below: To To To From T'San 654 Sunlight T'San 0.65 0.15 0.2 654 0.15 0.80 0.05 Sunlight 0.10 0.15 0.75 a. Compute the steady-state probabilities for this three-state Markov process. b. What market share will each store obtain?
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter3: Matrices
Section3.7: Applications
Problem 9EQ
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Consider the three competing grocery stores in town, T’San Grocery, 654 Grocery and Sunlight Grocery. Consider the transition
To | To | To | |
From | T'San | 654 | Sunlight |
T'San | 0.65 | 0.15 | 0.2 |
654 | 0.15 | 0.80 | 0.05 |
Sunlight | 0.10 | 0.15 | 0.75 |
a. Compute the steady-state probabilities for this three-state Markov process.
b. What market share will each store obtain?
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