Suppose that Coke and Pepsi are fighting for the cola market. Each week, each person in the…

Suppose that Coke and Pepsi are fighting
for the cola market. Each week, each person in the market buys one case of Coke
or Pepsi. If the person’s last pur­chase was Coke, there is a 0.90 probability
that this person’s next purchase will be Coke; otherwise, it will be Pepsi. (We
are considering only two brands in the market.) Similarly, if the person’s last
purchase was Pepsi, there is a 0.80 probability that this person’s next
purchase will be Pepsi; otherwise, it will be Coke.Currently half of all people
purchase Coke, and theother half purchase Pepsi. Simulate 1 year of sales in
the cola market and estimate each company’s average weekly market share. Do
this by assuming that the total market size is fixed at 1000 customers.

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