The first quick-oil-change store in Problem 15-28 retains 73% of its market share. This represents a probability
Question:
The first quick-oil-change store in Problem 15-28 retains 73% of its market share. This represents a probability of 0.73 in the first row and first column of the matrix of transition probabilities. The other probability values in the first row are equally distributed across the other stores (namely, 3% each).
What impact does this have on the steady-state market shares for the quick-oil-change stores?
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Changing the first row will have an impact on the steadystate market shares To see the impact we can ...View the full answer
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Related Book For 
Quantitative Analysis For Management
ISBN: 162
11th Edition
Authors: Barry Render, Ralph M. Stair, Michael E. Hanna
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