Question
Consumers in a certain state can choose between three long-distance telephone services: GTT, NCJ, and Dash....
Consumers in a certain state can choose between three long-distance telephone services: GTT, NCJ, and Dash. Aggressive marketing by all three companies results in continual shift of customers among the three services. Each year, GTT loses 30% of its customers to NCJ and 20% to Dash, NCJ loses 20% of its customers to GTT and 5% to Dash, and Dash loses 30% of its customers to GTT and 25% to NCJ. Assuming that these percentages remain valid over a long period of time, what is each company's expected market share in the long run?
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