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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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