Solve the problem. There are five brands of a product on the market, three of wh

Question

Solve the problem. There are five brands of a product on the market, three of which have very loyal customers who never change brands. The transition matrix for the five brands is shown below (where the brands are labeled A, B, C, D, and E). About how many times, on average, will a person currently using brand C use brand D before trying one of the brands that have loyal followings? Round your answer to the nearest hundredth. ABCDE A B C D E [1 0 0.11 0.17 0 0 1 0.15 0.22 0 0 0 0.15 0.14 0 0 0 0.24 0.12 0 0 0 0.35 0.35 1] 0.20 1.23 1.19 0.34

Explanation / Answer

There are some persons which always use brand A,B,E and some persons are not loyal to a particular brands means they can go for either of the five brands.

now we have to calculate the probabilityof person currently using brand c use brand d before trying brands A,B,E

0.24/0.61 + 0.12/0.74

=0.395+0.155

=0.55

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