A mail-order company classifies its customers as preferred, standard, or infrequent depending on the number of orders

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A mail-order company classifies its customers as preferred, standard, or infrequent depending on the number of orders placed in a year. Past records indicate that each year, 5% of preferred customers are reclassified as standard and 12% as infrequent, 5% of standard customers are reclassified as preferred and 5% as infrequent, and 9% of infrequent customers are reclassified as preferred and 10% as standard. Assuming that these percentages remain valid, what percentage of customers are expected to be in each category in the long run?

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Finite Mathematics For Business Economics Life Sciences And Social Sciences

ISBN: 9780134862620

14th Edition

Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker

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