Given the following vector of state probabilities and the accompanying matrix of transition probabilities, find the...
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Given the following vector of state probabilities and the accompanying matrix of transition probabilities, find the next period vector of state probabilities. (0.2 0.3 0.5) [0.6 0.2 0.2] 0.1 0.7 0.2 0.2 0.3 0.5 There is a 20% chance that any current client of company A will switch to company B this year. There is a 40% chance that any client of company B will switch to company A this year. If these probabilities are stable over the years, and if company A has 400 clients and company B has 300 clients, (a) How many clients will each company have next year? (b) How many clients will each company have in two years? Given the following vector of state probabilities and the accompanying matrix of transition probabilities, find the next period vector of state probabilities. (0.2 0.3 0.5) [0.6 0.2 0.2] 0.1 0.7 0.2 0.2 0.3 0.5 There is a 20% chance that any current client of company A will switch to company B this year. There is a 40% chance that any client of company B will switch to company A this year. If these probabilities are stable over the years, and if company A has 400 clients and company B has 300 clients, (a) How many clients will each company have next year? (b) How many clients will each company have in two years?
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To find the next period vector of state probabilities we need to perform matrix multiplication using the current vector of state probabilities and the ... View the full answer
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Operations Management Sustainability And Supply Chain Management
ISBN: 9780135173626
13th Edition
Authors: Jay Heizer, Barry Render, Chuck Munson
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