=14-24 Set up both the vector of state probabilities and the matrix of transition probabilities given the
Question:
=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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Related Book For
Quantitative Analysis For Management
ISBN: 9789332578692
12th Edition
Authors: Barry Render, Ralph M. Stair, Michael E. Hanna
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