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THERE ARE SIMILIAR QUESTIONS ONLINE BUT WITH DIFFERENT VALUES

The following data consists of a matrix of transition probabilities (P) of three competing companies, and the initial market share Tr(O). Assume that each state represents a company (Company 1, Company 2. Company 3, respectively) and the transition probabilities represent changes from one month to the next. 0.1 0.6 0.3 P= 0.7 0.1 0.2 0.2 0.2 0.6 7(0) = (0.2, 0.6,0.2) Determine Company 1's estimated market share in the next period. Round off your answer to 2 decimal places