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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