Problem:
Expected market share
Please help with the following problem. Provide step by step calculations.
Consumers in a certain state can shoose 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 10% to Dash, NCJ loses 15% of its customers to GTT and 10% 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?
GTT's expected market share is?
NCJ's expected market share is?
Dash's expected market share is?