Calculate the average profit, Basic Statistics

A machine is used for machining of a manufactured product. At the beginning of each business day inspection reveals the machine's condition. There are three possible states: 0, 1 and 2. In state 0, the machine is unproductive and must be repaired. The repair costs $ 500 per day and can last more than a day. When the repair is completed, the machine is in perfect working condition (condition 2) and can operate at full capacity, which refers income of $ 400 per day. When the machine is in state 1, it can be used only at half speed, which yields $ 200 per day. In these conditions, assumes that the machine state changes according to a Markov chain with the probability following transition:

                                                0.2          0              0.8

                                                0.4          0.6          0

                                                0.1          0.2          0.7

(A) On average, how many consecutive days the machine is in state 0 ?

(B) On average, what percentage of days the machine is productive?

(C) Calculate the average profit per day.

 

Posted Date: 3/26/2013 8:01:27 AM | Location : United States







Related Discussions:- Calculate the average profit, Assignment Help, Ask Question on Calculate the average profit, Get Answer, Expert's Help, Calculate the average profit Discussions

Write discussion on Calculate the average profit
Your posts are moderated
Related Questions

For our class homework we prepared a 3-month forecast for sales (12 months with actual sales for each month). What or how do we figure the absolute deviation of the 3-month foreast

1. Name several entities, attributes, activities, events, and state variables for the following systems: (a) A cafeteria (b) A grocery store (c) A laundromat (d) A fast

A teacher is interested in comparing the effects of 3 different parts of rehearsal methods (Rote rehearsal, Imagery, and Story) on number of words recalled. Participants are random

A survey was done where a random sample of people 18 and over were asked if they preferred comedies, dramas, or neither. The information gathered was broken down by age group and t

All parts should be answered as briefly as possible (quality not quantity!). A few sentences will suffice. Just get your opinions across succinctly. Unnecessarily long answers will

1) Define and explain the following: i) Ordering cost ii) Safety stock iii) Re-order point 2) Profit Volume Chart. 3) Discuss the various techniques of financial statement analysis

A survey showed that 80% of the 1600 adult respondents believe in global warming. Construct a 95% confidence interval estimate of the proportion of adults believing in global warmi

Let f (?) be the production function associated with a single-output technology, and let Y be the production set. Show that Y satisfies constant returns to scale if and only if f (

what are the disadvantages of quantatity tecqines..