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Markov Processes

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Suppose that in Problem 8 a new toothpaste brand enters the market such that the following transition probabilities exist

To
From Special B MDA T-white
Special B 0.80 0.10 0.10
MDA 0.05 0.75 0.20
T-white 0.40 0.30 0.30

What are the new long-run market shares? Which brand will suffer most from the introduction of the new brand of toothpaste?

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Solution Summary

The solution contains calculation of new market share.

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Hello

Please see the attached file for detaile steps and calculations. It contains answer tp first part of the question "What are the new long-run market shares?". Second part depends on the answer to question 8 as mentioned by you. IF you have calculated long run market shares in question 8 then just compare those figures with values obtained in this question.

Thank ...

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