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1. Sandy Sprunger is the co-owner of one of the largest rapid oil change shops in a midwestern town. At present, the company has 60%
1. Sandy Sprunger is the co-owner of one of the largest rapid oil change shops in a midwestern town. At present, the company has 60% of the market. There are a total of 10 rapid lubrication shops in the area. After conducting basic market research, Sandy was able to capture the initial probabilities or market shares, along with the transition matrix, which represent the probabilities of a customer switching from one lube shop to another. The values are shown in the table below. The starting odds or market shares for stores 1 through 10 are 0.6,0.1,0.1,0.1,0.05,0.01,0.01, 0.01,0.01, and 0.01 . a) With this data, determine the market share for the next period for each of the 10 workshops b) What are the shares in the steady probability of the market
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