Question: Three retail stores are competing for the same market in your neighborhood. Pick n Pay has 40% of the market while Shoprite and Woolworths each

 Three retail stores are competing for the same market in your

Three retail stores are competing for the same market in your neighborhood. Pick n Pay has 40% of the market while Shoprite and Woolworths each have 30% of the market. Pick n Pay loses 10% of its customers to Shoprite and 10% to Woolworths each month. Shoprite loses 5% of its customers to Pick n Pay and 10% to Woolworths each month. Woolworths loses 10% of its customers to Pick n Pay while 20% go to Shoprite. a) Set up the matrix transitional probability of this problem. b) What will the market shares be for the three businesses next month? c) Find the equilibrium condition of this market

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