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In a city in the center of the country, frequent market studies are carried out since the city is considered representative of the behavior of consumers throughout the country
In a city in the center of the country, frequent market studies are carried out since the city is considered representative of the behavior of consumers throughout the country. Only 3 brands of ham are sold in that city, A, B and C. Ham consumers are not exactly very loyal to brands, and many of them change brands every month just to try. The following table shows the transition probabilities between brands from one month to another. A B. C. A 0.5 0.5 0 B. 0 0.9 0.1 C. 0.1 0 0.9 Determine the percentage market share of brand C in the long term, round your answer to 2 decimal places
note: use markov chains
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