2. A market research company is conducting a controlled survey to determine people's preference in tooth-...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
2. A market research company is conducting a controlled survey to determine people's preference in tooth- paste. Participants are asked to try two brands of toothpaste over a period of several months. Of those using Brand A in any month, 75% continue to use it the following month, while 25% switch to Brand B; of those using Brand B in any month, 15% continue to use it the following month, while 85% switch to Brand A. A Markov process is used to model changes in participant preferences. (a) By using column vectors, write the stochastic matrix. (b) Suppose 60% of the participants are using Brand A when the survey begins. What fraction (or percentage) of the particpants are likely to be using Brand B after 1 month? (c) Find the steady-state (or long term state) vector for this Markov process. (d) What is the probability that after many months a specific participant is using Brand A toothpaste? Does it matter if that person is using Brand B today? 2. A market research company is conducting a controlled survey to determine people's preference in tooth- paste. Participants are asked to try two brands of toothpaste over a period of several months. Of those using Brand A in any month, 75% continue to use it the following month, while 25% switch to Brand B; of those using Brand B in any month, 15% continue to use it the following month, while 85% switch to Brand A. A Markov process is used to model changes in participant preferences. (a) By using column vectors, write the stochastic matrix. (b) Suppose 60% of the participants are using Brand A when the survey begins. What fraction (or percentage) of the particpants are likely to be using Brand B after 1 month? (c) Find the steady-state (or long term state) vector for this Markov process. (d) What is the probability that after many months a specific participant is using Brand A toothpaste? Does it matter if that person is using Brand B today?
Expert Answer:
Related Book For
Quantitative Methods for Business
ISBN: 978-0840062345
12th edition
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam
Posted Date:
Students also viewed these mathematics questions
-
Q1. You have identified a market opportunity for home media players that would cater for older members of the population. Many older people have difficulty in understanding the operating principles...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
What sort of debates or experiences would get overlooked if professionals and researchers ignored these distinctions? How would you classify the following? An assigned expatriate who falls in love...
-
Using your answers to exercise S4-14, show how the Assiniboine Credit Union will report the following: a. Whatever needs to be reported on the bank's classified balance sheet at December 31, 2016....
-
On 1st January, 2019 Kohinoor Transport Company purchased a Bus for 8,00,000. On 1st July, 2020 this bus was damaged due to fire and was completely destroyed and *6,00,000 were received by a cheque...
-
Explain how search can be used to solve constraint satisfaction problems, such as the eight-queens problem. What difficulties arise when such problems become extremely large (e.g., the...
-
Rehab Health Care, LLC, incurred the following service-related activity costs for the month: Total sales ................$42,000 Customer complaint processing ....... 1,200 Employee training...
-
Noble cause corruption follows the teleological model of ethics. The approach emphasizes "good ends" and is a product of police officers' "overinvestment" in their work. Police officers believe that...
-
A normally distributed process has specifications of LSL = 75 and USL = 85 on the output. A random sample of 25 parts indicates that the process is centered at the middle of the specification band,...
-
Adam & Eve Inc. is a multinational firm that runs a global chain of for-profit blood banks, and is dual-headquartered out of both Tangiers and Detroit. The firm has a current share price of $15.51...
-
This problem refers to right triangle ABC with C = 90 Begin the problem by drawing a picture of the triangle with both the given and asked for information labeled appropriately. If B = 51.88 and b =...
-
A builder of new homes in North Carolina has offered a $ 1 , 0 0 0 1 , 0 0 0 incentive bonus to any licensed broker whose customer or client purchases one of the buildings. The licensee that is...
-
what a hypothetical cost analysis will look like for these financial statement and how you came up with the calculations. Consolidated Balance Sheets - USD ($) $ in Millions With Strategy With...
-
a. Write a behavioral Verilog description for the state diagram shown in figure1. b. Write a Structural Verilog description for the circuit shown in figure 2 (i.e. build a D-FF then use it to build...
-
If the seat is not available or DOES NOT EXIST, display a warning message. Instruction: Using Java programming language, create a program that will create a simple Reservation system using classes,...
-
Suppose that the US, Russia, and OPEC countries agree to significantly decrease the future supply of their crude oil exports to the world market during this COVID virus crisis. What should be the...
-
Which of the following statements is false? a. Capital leases are not commonly reported in a Capital Projects Fund. b. A governmental entity may report a Capital Project Fund in one year but not the...
-
The A&M Hobby Shop carries a line of radio-controlled model racing cars. Demand for the cars is assumed to be constant at a rate of 40 cars per month. The cars cost $60 each, and ordering costs are...
-
ABC Inc. and XYZ Co. are the two dominant companies providing chargers, adapters, and other accessories for cell phones. Each of these Silicon Valley companies is developing a new line of smartphone...
-
Doug Casey is in charge of planning and coordinating next springs sales management training program for his company. Doug listed the following activity information for this project: a. Draw a project...
-
What is prescriptive analytics?
-
What are the four Vs of big data?
-
How does data science software for programmers differ from data science software for business users?
Study smarter with the SolutionInn App