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Consider the three competing grocery stores in town, T'San Grocery, 654 Grocery and Sunlight Grocery. Consider the transition probabilities below: To From T'san 654 Grocery

Consider the three competing grocery stores in town, T'San Grocery, 654 Grocery and Sunlight Grocery. Consider the transition probabilities below:

To
From T'san 654 Grocery Sunlight
T'san 0.65 0.15 0.2
654 Grocery 0.15 0.80 0.05
Sunlight 0.10 0.15 0.75

REQUIREMENTS:

a. Compute the steady-state probabilities for this three-state Markov process. b. What market share will each store obtain?

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