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:

Aging Population

Demographic trend characterized by an increase in the proportion of elderly individuals within the population.

Research And Development

The investigative and innovative activities undertaken by businesses or organizations to develop new products or improve existing ones.

Cost of Healthcare

The total expenses associated with medical services, treatments, and procedures delivered to individuals or populations.

Consumer Demand

The desire and willingness of consumers to purchase goods or services at a given price over a certain time period.