The purchase patterns for two brands of toothpaste can be expressed as a Markov process with the fcllowing transition probabilities: To From Special B MDA Special B MDA 0.90 0.10 0.05 0.95 a. Wnich brand appears to have the most loyal customers? Explain. b. What are the projected market shares for the two brands?
The purchase patterns for two brands of toothpaste can be expressed as a Markov process with the fcllowing transition probabilities: To From Special B MDA Special B MDA 0.90 0.10 0.05 0.95 a. Wnich brand appears to have the most loyal customers? Explain. b. What are the projected market shares for the two brands?
Elementary Linear Algebra (MindTap Course List)
8th Edition
ISBN:9781305658004
Author:Ron Larson
Publisher:Ron Larson
Chapter2: Matrices
Section2.5: Markov Chain
Problem 47E: Explain how you can determine the steady state matrix X of an absorbing Markov chain by inspection.
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Transcribed Image Text:The purchase patterns for two brands of toothpaste can be expressed as a Markov process with the fcllowing transition probabilities:
To
From
Special B
MDA
Special B
MDA
0.90
0.10
0.05
0.95
a. Wnich brand appears to have the most loyal customers? Explain.
b. What are the projected market shares for the two brands?
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