Subject Finite Mathematics Solve the problem Please show you

Subject: Finite Mathematics. Solve the problem. Please show your work/explain.

13.) A small town has only two dry cleaners. Fast & Speedy. Fast hopes to increase its market share by conducting an extensive advertising compaign. The initial market share for Fast was 40%. 60% for Speedy.

Find the probability that a customer using Fast initially will use Fast for his second batch of clothes. Use the following transition matrix:

Fast Speedy
Fast 0.62 0.38
Speedy 0.89 0.11

Solution

After observing transition matrix:-

We can see that

Require probaility = 0.62

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Subject: Finite Mathematics. Solve the problem. Please show your work/explain. 13.) A small town has only two dry cleaners. Fast & Speedy. Fast hopes to inc

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