Express all answers as decimals rounded to 3 decimal places, if needed. Express percentages as...
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Express all answers as decimals rounded to 3 decimal places, if needed. Express percentages as decimals (instead of 25.6%, use .256Cell phone users in Boise can choose between three carriers: Sprint, AT&T, and Verizon. Advertising by all three companies results in a continual shift of customers. Each year, Sprint loses 30% of customers to AT&T and 30% to Verizon. AT&T loses 20% to Sprint and 10% to Verizon. Verizon loses 25% to Sprint and 25% to AT&T. Currently, Sprint has 25% of the market, AT&T has 35%, and Verizon has 40%.Use the order Sprint (S), AT&T (A), Verizon (V) throughout this assignment.1. State the probability vector:2. Create the transition matrix, labeling rows and columns, and draw the transition diagram.Create your matrix with the rows ordered S, A, and V, and columns ordered S, A, and V.3. Assume that for 5 years this trend continues. State the transition matrix after 5 years.4. What is the market share for each company after 5 years?Sprint:AT&T:Verizon:5. If the trend continues indefinitely, what will the market share be for each in the long run?Sprint:AT&T:Verizon:
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