A mail-order company classifies its customers as preferred, standard, or infrequent depending on the number of orders placed in a year. Past records indicate that each year, 5 % of preferred customers are reclassified as standard and 12 % as infrequent, 5 % of standard customers are reclassified as preferred and 5 % as infrequent, and 9 % of infrequent customers are reclassified as preferred and 10 % as standard. Assuming that these percentages remain valid, what percentage of customers are expected to be in each category in the long run?
A mail-order company classifies its customers as preferred, standard, or infrequent depending on the number of orders placed in a year. Past records indicate that each year, 5 % of preferred customers are reclassified as standard and 12 % as infrequent, 5 % of standard customers are reclassified as preferred and 5 % as infrequent, and 9 % of infrequent customers are reclassified as preferred and 10 % as standard. Assuming that these percentages remain valid, what percentage of customers are expected to be in each category in the long run?
A mail-order company classifies its customers as preferred, standard, or infrequent depending on the number of orders placed in a year. Past records indicate that each year,
5
%
of preferred customers are reclassified as standard and
12
%
as infrequent,
5
%
of standard customers are reclassified as preferred and
5
%
as infrequent, and
9
%
of infrequent customers are reclassified as preferred and
10
%
as standard. Assuming that these percentages remain valid, what percentage of customers are expected to be in each category in the long run?
Calculus for Business, Economics, Life Sciences, and Social Sciences (14th Edition)
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