The University of South Wisconsin has had steady enrollments over the past 5 years. The school has its own bookstore, called University Book Store, but there are also three private bookstores in town: Bill's Book Store, College Book Store, and Battle's Book Store.The university is concerned about the large number of students who are switching to one of the private stores. As a result, South Wisconsin's president, Andy Lange, has decided to give a student 3 hours of university credit to look into the problem. The following matrix of transition probabilities was obtained:

UNIVERSITY

BILL'S

COLLEGE

BATTLE'S

UNIVERSITY

0.6

0.2

0.1

0.1

BILL'S

0

0.7

0.2

0.1

COLLEGE

0.1

0.1

0.8

0

BATTLE'S

0.05

0.05

0.1

0.8

14-15Andy Lange, president of the University of South Wisconsin, is concerned with the declining business at the University Book Store. (SeeProblem14-14for details.) The students tell him that the prices are simply too high. Andy, however, has decided not to lower the prices. If the same conditions exist, what long-run market shares can Andy expect for the four bookstores?