Required to do: Build an agent-based model of a consumer market one where each consumer will be an agent. to help us understand how a product enters the market. Since human decisions always include stochastics, agent-based modelling is ideal for modelling market simulations. Assumption: The model includes 500 people who don't use the product, but a combination of advertising and word of mouth will eventually lead them to purchase it. Use the guidance below: Step1 - Start by creating a simple model that depicts how advertising leads consumers to purchase the product. In the model consumers won't use the product at first, but they are all potentially interested in using it. - Represent advertising's influence on consumer demand by allowing a specific percentage of them to become interested in purchasing the product during a given day. For these purposes, Advertising effectiveness = 0.1 determines the percentage of potential users that become ready to buy the product during a given day. Step2 Defining a consumer behaviour. Developing the model by defining consumer characteristics and behaviour. define a consumer's behaviour as a two-state sequence: O A consumer in the Potential User state is only potentially interested in buying the product. 0 Consumer in the User state has purchased the product. Step3 Adding a chart to visualize the model output - Show how many people have purchased the product at a given moment. GOOD LUCK!!!!!!!!!!!!!!!!!!!!! Use any resource available. Note!! This project will count towards 25% of your final mark. The presentation will count towards 15% of your final mark. The presentation will be scheduled on the last 2 weeks of June (11 or and 18 June). Dates to be confirmed