=14-24 Set up both the vector of state probabilities and the matrix of transition probabilities given the

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=14-24 Set up both the vector of state probabilities and the matrix of transition probabilities given the following information:

Store 1 currently has 40% of the market; store 2 currently has 60% of the market.

In each period, store 1 customers have an 80%

chance of returning; 20% of switching to store 2.

In each period, store 2 customers have a 90%

chance of returning; 10% of switching to store 1.

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Quantitative Analysis For Management

ISBN: 9789332578692

12th Edition

Authors: Barry Render, Ralph M. Stair, Michael E. Hanna

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