Philadelphia is the home of the cheesesteak sandwich, and the two most popular cheeseteak restaurants, Pat's...
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Philadelphia is the home of the cheesesteak sandwich, and the two most popular cheeseteak restaurants, Pat's and Geno's, are bitter rivals located across the street from each other. Both restaurants have very loyal customer bases. According to market research, 76% of the customers who purchased a Pat's cheesesteak this month will continue to eat at Pat's next month, while 66% of the customers who purchased a Geno's cheesesteak this month will continue to eat at Geno's next month. In the current month (March), 54% of cheesesteak eaters went to Pat's. (Although there are other locations that serve cheesesteaks, for simplicity, assume that these are the only two establishments whose market shares we are considering.) (a) What are the predicted market shares for the two restaurants for the next month (April)? (b) What are the equilibrium market shares for the two restaurants? Philadelphia is the home of the cheesesteak sandwich, and the two most popular cheeseteak restaurants, Pat's and Geno's, are bitter rivals located across the street from each other. Both restaurants have very loyal customer bases. According to market research, 76% of the customers who purchased a Pat's cheesesteak this month will continue to eat at Pat's next month, while 66% of the customers who purchased a Geno's cheesesteak this month will continue to eat at Geno's next month. In the current month (March), 54% of cheesesteak eaters went to Pat's. (Although there are other locations that serve cheesesteaks, for simplicity, assume that these are the only two establishments whose market shares we are considering.) (a) What are the predicted market shares for the two restaurants for the next month (April)? (b) What are the equilibrium market shares for the two restaurants?
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Related Book For
Elementary Statistics
ISBN: 978-0538733502
11th edition
Authors: Robert R. Johnson, Patricia J. Kuby
Posted Date:
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