Table 14-6 The Following Data Consists of a Matrix of Transition Probabilities

question 84

Multiple Choice

Table 14-6
The following data consists of a matrix of transition probabilities (P) of four majors in the College of Business, and the initial proportion of students in each major π(0) .Assume that each state represents a major and the transition probabilities represent changes from one major to the next after taking the introductory class in each discipline.
P =

π(0) = (.4, .3, .2, .1)
-Using the data in Table 14-6, determine Major 3's estimated popularity after students have taken the first two introductory courses.

• A)0.232
• B)0.220
• C)0.356
• D)0.191

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Definitions:

Sales Process

A series of steps taken by a company to move a product or service from the initial contact with a potential customer to the final transaction.

Cross-Selling

The practice of suggesting related products or services to a customer who is considering or making a purchase, with the aim of increasing sales.

Formula Selling

A predefined, structured approach to sales that follows a specific formula or set of rules.

Upselling

A sales technique where a seller induces the customer to purchase more expensive items, upgrades, or other add-ons in an attempt to make a more profitable sale.