= (c) Sandy believes that the original estimates for market shares were wrong. She believes that shop

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(c) Sandy believes that the original estimates for market shares were wrong. She believes that shop 1 has 40% of the market, and shop 2 has 30%. All other values are the same. If this is the case, what is the impact on market shares for next-period and equilibrium shares?

(d) A marketing consultant believes that shop 1 has tremendous appeal. She believes that this shop will retain 99% of its current market share; 1% may switch to shop 2. If the consultant is correct, will shop 1 have 90% of the market in the long run?

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