Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Express all answers as decimals rounded to 3 decimal places, if needed. Express percentages as decimals (instead of 25.6%, use .256Cell phone users in Boise

image text in transcribed
image text in transcribed

Express all answers as decimals rounded to 3 decimal places, if needed. Express percentages as decimals (instead of 25.6%, use .256Cell phone users in Boise can choose between three carriers: Sprint, AT&T, and Verizon. Advertising by all three companies results in a continual shift of customers. Each year, Sprint loses 30% of customers to AT&T and 30% to Verizon. AT&T loses 20% to Sprint and 10% to Verizon. Verizon loses 25% to Sprint and 25% to AT&T. Currently, Sprint has 25% of the market, AT&T has 35%, and Verizon has 40%.Use the order Sprint (S), AT&T (A), Verizon (V) throughout this assignment.1. State the probability vector:2. Create the transition matrix, labeling rows and columns, and draw the transition diagram.Create your matrix with the rows ordered S, A, and V, and columns ordered S, A, and V.3. Assume that for 5 years this trend continues. State the transition matrix after 5 years.4. What is the market share for each company after 5 years?Sprint:AT&T:Verizon:5. If the trend continues indefinitely, what will the market share be for each in the long run?Sprint:AT&T:Verizon:

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

CAD/CAM Systems Planning And Implementation

Authors: Charles S Knox

1st Edition

1000146383, 9781000146387

More Books

Students also viewed these Mathematics questions

Question

Verify that an eigenvector of L corresponding to λ1 is si/ sm/

Answered: 1 week ago