Question: Can you answer questions completely and show work if possible. The following data consists of a matrix of transition probabilities (P) of three competing retailers,

Can you answer questions completely and show work if possible.
Can you answer questions completely and show work
The following data consists of a matrix of transition probabilities (P) of three competing retailers, the initial market share (0). Assume that each state represents a retailer (Retailer 1 , Retailer 2 . Retailer 3 , respectively) and the transition probabilities represent changes from one month to the next. P=0.30.70.40.60.20.30.10.10.3(0)=(0.5,0.3,0.2) (a) Using the data given above, find the market shares for the three retallers in mofith 1. (b) Using the data given above, find the market shares for the three retailers in month 2

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