A small town has only two dry cleaners, Fast and Speedy. Fast hopes to increase its market share by conducting an extensive advertising campaign. The initial market share for Fast was 40% and 60% for Speedy. Solve the problem:
-Find the probability that a customer using Fast initially will use Fast for his second batch of clothes. Use the following transition matrix.

A) 0. 73
B) 0. 29
C) 0. 27
D) 0. 71

Question

A small town has only two dry cleaners, Fast and Speedy. Fast hopes to increase its market share by conducting an extensive advertising campaign. The initial market share for Fast was 40% and 60% for Speedy. Solve the problem:
-Find the probability that a customer using Fast initially will use Fast for his second batch of clothes. Use the following transition matrix.

A) 0. 73 
B) 0. 29 
C) 0. 27 
D) 0. 71

Quizplus · Accepted Answer

The Answer of A small town has only two dry cleaners, Fast and Speedy. Fast hopes to increase its market share by conducting an extensive advertising campaign. The initial market share for Fast was 40% and 60% for Speedy. Solve the problem:
-Find the probability that a customer using Fast initially will use Fast for his second batch of clothes. Use the following transition matrix.

A) 0. 73 
B) 0. 29 
C) 0. 27 
D) 0. 71

A Small Town Has Only Two Dry Cleaners, Fast and Speedy