The following transition matrix shows the costumers' brand switching behavior for three brands of the same product. The market share of these brands is checked every month. for example, the matrix says that the probability that a costumer that this month purchased brand 2 will purchase brand 3 the next month is 0.16. What are the steady-state market shares assuming the consumer behavior remains the same?

Problem # 4: The following transition matrix shows the costumers' brand switching behavior for three brands of the same product. The market share of these brands is checked every month. For example, the matrix says that the probability that a costumer that this month purchased brand 2 will purchase brand 3 the next month is 0.16. What are the steady-state market shares assuming the consumer behavior remains the same? "Inn