Suppose that general motors gm fordf and chryslerc each, Ask an Expert

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Suppose that General Motors (GM) , Ford(F), and Chrysler(C) each introduce a new hybrid vehicle.

a. General Motors keeps 85% of its customers but loses 10% to Ford and 5% to Chrysler

b. Ford keeps 80% of its customers but loses 10% to General motors and 10% to Chrysler

c. Chrysler keeps 60% of its customers but loses 25% to General motors and 15% to Ford

Find the distribution of the market by finding the steady state vector.

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M91019926

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