Over any given month, Hammond Market loses 10% of its customers to Otro Plaza and 20% to Tres Place. Otro Plaza loses 5% to Hammond and 10% to Tres Place. Tres Place loses 5% of its customers to each of the two competitors
At the present time, Hammond Market has 40% of the market, while the others have 30% each.
(a) Next month, what will the market shares be for the three firms?
(b) In two months, what will the market shares be for the three firms?
(a) Hammond 31%, Otro Plaza 31%, Tres Place 38%
(b) Hammond 25.15%, Otro Plaza 31.35%, Tres Place 43.5%
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