Table 14-2 The Following Data Consists of a Matrix of Transition Probabilities

question 55

Multiple Choice

Table 14-2
The following data consists of a matrix of transition probabilities (P) of three competing retailers,the initial market share π(0) .Assume that each state represents a retailer (Retailer 1,Retailer 2,Retailer 3,respectively) and the transition probabilities represent changes from one month to the next.
P = π(0) = (0.3,0.6,0.1)
-Using the data given in Table 14-2,what is the equilibrium market share?

• A)(0.30,0.60,0.10)
• B)(0.55,0.33,0.12)
• C)(0.44,0.43,0.12
• D)(0.55,0.12,0.33)
• E)(0.47,0.40,0.13)

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Definitions:

Consumer Protection

Laws and measures designed to safeguard buyers of goods and services against unfair practices in the marketplace.

Point Source Pollution

Pollution that originates from a single, identifiable source or location, such as a pipe, ditch, ship, or factory smokestack.

Nonpoint Source Pollution

Pollution that does not originate from a single, identifiable source, but rather comes from many diffuse sources, such as agricultural runoff or automobile exhaust.

Agricultural Runoff

Water that leaves farm fields as a result of irrigation, containing pesticides, soil particles, and nutrients, potentially polluting nearby water bodies.