The first quick-oil-change store in Problem 14-28 retains 73% of its market share. This represents a probability
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The first quick-oil-change store in Problem 14-28 retains 73% of its market share. This represents a probability of 0.73 in the first row and first column of the matrix of transition probabilities. The other probability values in the first row are equally distributed across the other stores (that is, 3% each). What impact does this have on the steady-state market shares for the quick-oil-change stores?
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Quantitative Analysis For Management
ISBN: 9781292217659
13th Global Edition
Authors: Barry Render, Ralph M. Stair, Michael Hanna, Trevor Hale
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