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(Solution Library) As a result of a recent survey of students at the University of South Wisconsin, it was determined that the university owned bookstore

Question: As a result of a recent survey of students at the University of South Wisconsin, it was determined that the university owned bookstore currently has \(40 \%\) of the market. (See Problem 14-14.) The other three bookstores, Bill's, College, and Battle's, each split the remaining initial market share. Given that the state probabilities are the same, what is the market share for the next period given the initial market shares? What impact do the initial market shares have on each store next period? What is the impact on the steady state market shares?

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