Question

6. Suppose that 3/5 of people who own a General Motors car, buy a GM car as their next car and 9/10 of people who own a non-GM car, buy a non-GM car as their next car (a) Set up a stochastic matrix corresponding to this Markov process and formulate a system of linear stochastic matrix regular? (Clearly equations for finding GM's market share in the long run. Is the explain your answer) x to solve the system of linear equations in (a). (c) If 100% of people who own a GM car, buy a GM car as their next car, will the corresponding stochastic Bock on matrix be regular? (Clearly explain your answer)

Answer 1

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