Over Any Given Month, Hammond Market Loses 10% of Its

question 74

Essay

Over any given month, Hammond Market loses 10% of its customers to Otro Plaza and 20% to Tres Place.Otro Plaza loses 5% to Hammond and 10% to Tres Place.Tres Place loses 5% of its customers to each of the two competitors.At the present time, Hammond Market has 40% of the market, while the others have 30% each.
(a)Next month, what will the market shares be for the three firms?
(b)In two months, what will the market shares be for the three firms?

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Definitions:

Degradation

The process by which a compound is broken down or decomposed, often into simpler substances, sometimes leading to a loss of quality or function.

mRNA

Messenger RNA (mRNA) is a type of RNA that carries genetic information from DNA to the ribosome, where it directs the synthesis of proteins.

Deoxyribose

Pentose sugar lacking a hydroxyl (—OH) group on carbon-2′; a constituent of DNA.

Hydroxyl Group

A functional group consisting of an oxygen atom bonded to a hydrogen atom (-OH), which is found in alcohols and many other organic molecules.