The University of South Taiwan has had steady enrollments over the past 5 years. The school has
Question:
The University of South Taiwan has had steady enrollments over the past 5 years. The school has its own bookstore, called University Book Store, but there are also three private bookstores in town: Loupot’s Book Store, College Book Store, and Battle’s Book Store. The university is concerned about the large number of students who are switching to one of the private stores. As a result, South Taiwan’s president, Akio Lang, has decided to give a student 3 hours of university credit to look into the problem. The following matrix of transition probabilities was obtained:
At the present time, each of the four bookstores has an equal share of the market. What will the market shares be for the next period?
Step by Step Answer:
Quantitative Analysis For Management
ISBN: 9780137943609
14th Edition
Authors: Barry Render, Ralph M. Stair, Michael E. Hanna, Trevor S. Hale