The only car dealership in a community stocks cars from two manufacturers, Fret and Cessy. The following transition matrix shows the probabilities of a customer purchasing each brand of car in the next year given that he or she purchased that car in the current year. $$\begin{array} { l c c c }
\text { From } / & \text { To } & \text { Fret } & \text { Cessy } \
\hline \text { Fret } & & .7 & .3 \
\text { Cessy } & & .4 & .6 \
\hline
\end{array}$$
Determine the steady state probabilities for Fret and Cessy.

Question

The only car dealership in a community stocks cars from two manufacturers, Fret and Cessy. The following transition matrix shows the probabilities of a customer purchasing each brand of car in the next year given that he or she purchased that car in the current year. $$\begin{array} { l c c c } 
\text { From } / & \text { To } & \text { Fret } & \text { Cessy } \
\hline \text { Fret } & & .7 & .3 \
\text { Cessy } & & .4 & .6 \
\hline
\end{array}$$ 
Determine the steady state probabilities for Fret and Cessy.

Quizplus · Accepted Answer

The Answer of The only car dealership in a community stocks cars from two manufacturers, Fret and Cessy. The following transition matrix shows the probabilities of a customer purchasing each brand of car in the next year given that he or she purchased that car in the current year. $$\begin{array} { l c c c } 
\text { From } / & \text { To } & \text { Fret } & \text { Cessy } \
\hline \text { Fret } & & .7 & .3 \
\text { Cessy } & & .4 & .6 \
\hline
\end{array}$$ 
Determine the steady state probabilities for Fret and Cessy.

The Only Car Dealership in a Community Stocks Cars from Two