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Suppose that two competing fast food restaurants, Grab-N-Go and Fish-N-Chip, have 60% and 40% respectively of fast food lover market in Sunway University at some initial point in time
Suppose that two competing fast food restaurants, Grab-N-Go and Fish-N-Chip, have 60% and 40% respectively of fast food lover market in Sunway University at some initial point in time. Assume that over each one-year period, Grab-N-Go captures 10% of Fish- N-Chip's share and Fish-N-Chip captures 20% of Grab-N-Go's share. Find (i) the market share of Grab-N-Go and Fish-N-Chip after 3 years. (4 marks) the steady state vector of the corresponding Markov chain.
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