Solve the problem.Suppose that companies I, II, and III compete for the entire market of a certain kind of washing machine. During any year, company I keeps 60% of its customers and loses 25% to II and 15% to III. On the other hand, company II keeps 50% of its customers and loses 30% to I and 20% to III. Also, company III keeps 40% of its customers and loses 35% to I and 25% to II. Currently, customers are equally divided among the three companies.Considering that this process can be modeled as a Markov process:(a) Determine the transition matrix.(b) Determine the long-run market share among I, II, and III.
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(b)
Mathematics
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What will be an ideal response?
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