Find the steady-state vector for market

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Reference no: EM131788024

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Use the following information for Problem. A local business A has two competitors, B and C. No customer patronizes more than one of these businesses at the same time. Initially the probabilities that a customer patronizes A, B, or C are 0.2, 0.6, and 0.2, respectively. Suppose A initiates an advertising campaign to improve its business and finds the following transition matrix to describe the effect.

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Find the steady-state vector for this market-that is, the long-range share of the market that each business can expect if the transition matrix holds.

Reference no: EM131788024

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