Transition matrix for the probabilitiy, Mathematics

Suppose research on three major cell phones companies revealed the following transition matrix for the probability that a person with one cell phone carrier switches to another.

                                          Will Switch to
                              Company A           Company B                 Company C
Company A               .91                               .07                             .02
Now has Comp. B      .03                               .87                              .10
Company C             .14                               .04                               .82

The current share of the market is [.26, .36, .38] for Companies A, B, and C respectively. Find the share of the market held by each company after
a) 1 year
b) 2 years
c) 3 years
d) What is the long-range prediction?

Posted Date: 3/21/2013 6:12:54 AM | Location : United States

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