share of 2%. It introduces groundbreaking technology leading to increased interest:
Each year, $((1 - 0.85^t)100)%$ of users are retained, where t is the number of
years.
Each year, due to strong word-of-mouth, 65% of non-users consider switching to
Product D.
(a) Formulate a Markov Chain model for Product D's market dynamics.
(b) Create a state diagram and Transition Probability Matrix.
(c) Compute the projected market share after each year for 3 years.
(d) How many years are needed until product D have a market share which is 99%?