Table 14-2
The following data consists of a matrix of transition probabilities (P)of three competing retailers, the initial market share π(0).Assume that each state represents a retailer (Retailer 1, Retailer 2, Retailer 3, respectively)and the transition probabilities represent changes from one month to the next.
P = π(0)= (0.3, 0.6, 0.1)
-Using the data given in Table 14-2, what is the equilibrium market share?
A)(0.55, 0.33, 0.12)
B)(0.44, 0.43, 0.12
C)(0.55, 0.12, 0.33)
D)(0.47, 0.40, 0.13)

Question

Table 14-2
The following data consists of a matrix of transition probabilities (P)of three competing retailers, the initial market share π(0).Assume that each state represents a retailer (Retailer 1, Retailer 2, Retailer 3, respectively)and the transition probabilities represent changes from one month to the next.
P =  π(0)= (0.3, 0.6, 0.1)
-Using the data given in Table 14-2, what is the equilibrium market share?
A)(0.55, 0.33, 0.12) 
B)(0.44, 0.43, 0.12 
C)(0.55, 0.12, 0.33) 
D)(0.47, 0.40, 0.13)

Quizplus · Accepted Answer

The Answer of Table 14-2
The following data consists of a matrix of transition probabilities (P)of three competing retailers, the initial market share π(0).Assume that each state represents a retailer (Retailer 1, Retailer 2, Retailer 3, respectively)and the transition probabilities represent changes from one month to the next.
P =  π(0)= (0.3, 0.6, 0.1)
-Using the data given in Table 14-2, what is the equilibrium market share?
A)(0.55, 0.33, 0.12) 
B)(0.44, 0.43, 0.12 
C)(0.55, 0.12, 0.33) 
D)(0.47, 0.40, 0.13)

Table 14-2 The Following Data Consists of a Matrix of Transition Probabilities