Question

3 5. Suppose thatof people who own a General Motors car, buy a GM car as their next car and To 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 sy equations for finding GM's market share in the long run. Is the stochastic math* explain your answer) (b) Use Gauss Jordan elimination to solve the system of linear equations in (a) . What is GM's market share in the long run? (c) If 100% of people who own a GM car, buy a GM car as their next car, will the corresponding stochastic matrix be regular? (Clearly explain your answer.)

Answer 1

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