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
Explain why large lorries carrying heavy loads may not succed to go through a curve safely

Question 1. In 2009, Research New Zealand conducted a survey on small businesses in New Zealand. Small businesses were defined as enterprises with 19 or fewer employees. 501 small



Graphical representation of freehand and semi average method

How do I calculate the temperature change of a sample?

). Calculate Karl Pearson’s coefficient of correlation from the following data , using 20 as the working mean for price and 70 as the working mean for demand: Price: 14 16 17 18 1

Q. Explain Linear Regression model? Ans. Linear correlation measures the strength of a linear relationship, but not the exact numerical relationship. Linear regression, o


Job Order Gosting ln an attempt to conceal a thefi of funds, Kaito Kid, controller of Shinichi Products, lnc. placed a bomb in the company s record vault. The ensuing explosion lef