14-24 Set up both the vector of state probabilities and the matrix of transition probabilities given the following information: Store 1 currently has 40% of the market; store 2 currently has 60% of the market. In each period, store 1 customers have an 80% chance of returning; 20% of switching to store 2. In each period, store 2 customers have a 90% chance of returning; 10% of switching to store 1.

14-25 Find π(2) for Problem 14-24.

REF Quantitative Analysis for Management (12th Edition) 12th Edition by Barry Render (Author), Ralph M. Stair Jr. (Author), Michael E. Hanna (Author), Trevor S. Hale (Author)

Please answer the questions with excel or QM and explain step by step how you input the data into windows QM or Excel QM to solve.

Answer rating: 100% (QA)

Answer We are given that store 1 has 40 of market and store 2 has ... View the full answer