Calculate the average profit, Basic Statistics

Assignment Help:

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.

 


Related Discussions:- Calculate the average profit

Why do organisations need a structure, Question 1: (a) The grouping of ...

Question 1: (a) The grouping of organisational activities (usually into ‘departments' or larger ‘divisions') will be done in different ways. Outline the criteria which can be u

Marketing research field surveys, In marketing research field surveys ar...

In marketing research field surveys are commonly used to collect primary data from the respondents. 1. Through Personal Interviews: The investigator follows a rigid proced

Modules of probability and statistics, Question: (a) Suppose that 100 t...

Question: (a) Suppose that 100 tires made by Bridgestone last on average 21,819 miles with a standard deviation of 1,295 miles. Test the null hypothesis µ = 22, 000 miles again

Hom, (A) Find the binomial probability P(x = 5), where n = 15 and p = 0.50....

(A) Find the binomial probability P(x = 5), where n = 15 and p = 0.50. (B) Set up, without solving, the binomial probability P(x is at most 5) using probability notation. (C) H

Determine the hypothesised value, Read Confidence Intervals and P-values in...

Read Confidence Intervals and P-values in Section C of your Lecture Workbook or on Cecil under Assignment Resources. Consider a study to determine ways the response rate in surveys

Determine the cutoff score to indicate a score, What would be the cutoff sc...

What would be the cutoff score to indicate a score that is in the top 15% of the scores on a test with a mean of 100 and a standard deviation of 15?

Responsiblity accounting significance, What is significance of Responsiblit...

What is significance of Responsiblity accounting in divisional performance statement measurement?

Assingment, who we complete accounting cycile

who we complete accounting cycile

Quota sampling, what the advantages of quota sampling

what the advantages of quota sampling

Components of time series, What are the components of time series? Bring ou...

What are the components of time series? Bring out the significance of moving average in analysing a time series and point out its limitations

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd