The following data consists of a matrix of transition probabilities (P) of three competing companies, the initial market share state ℼ(1), and the equilibrium probability states. Assume that each state represents a firm (Company 1, Company 2, and Company 3, respectively) and the transition probabilities represent changes from one month to the next. The market share of Company 3 in the next period is a. 0.26 b. 0.283 c. 0.27 d. 0.261

The following data consists of a matrix of transition probabilities (P) of three competing companies, the initial market share state ℼ(1), and the equilibrium probability states. Assume that each state represents a firm (Company 1, Company 2, and Company 3, respectively) and the transition probabilities represent changes from one month to the next. The market share of Company 3 in the next period is a. 0.26 b. 0.283 c. 0.27 d. 0.261

Elementary Linear Algebra (MindTap Course List)

8th Edition

ISBN:9781305658004

Author:Ron Larson

Publisher:Ron Larson

Chapter2: Matrices

Section2.5: Markov Chain

Problem 34E

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