Business, 25.11.2021 08:20, demarpratt1270

A home cleaning consumer market in Urbana, Illinois, involves a competion for market shares among three home cleaning companies: Merry Maids (MM), Cleaning Masters (CM) and Services With a Smile (SWS). A consumer survey revealed that at the moment Merry Maids has 45% of the market, Cleaning Masters has 20%, and Service With a Smile has 35%. Moreover, each month 10% of Merry Maids customers change to Cleaning Masters and 90% of Merry Maids customers change to Services With a Smile, 45% of Cleaning Masters customers change to Merry Maids and 25% of Cleaning Masters customers change to Services With a Smile, and 20% of Service With a Smile customers change to Merry Maids and 40% of Service With a Smile customers change to Cleaning Masters. a) What are transition matrix and initial market shares vector for this home cleaning market

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A home cleaning consumer market in Urbana, Illinois, involves a competion for market shares among th...