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

Penny''s game, (Penney’s game) Independent flips of a biased coin that land...

(Penney’s game) Independent flips of a biased coin that lands on heads with probability 0.7 are made. Each of two players, A and B, had chosen one out of the eight triplet: {HHH, H

Bunco toss, The game of "Bunco" is played with three standard dice. "Bunco"...

The game of "Bunco" is played with three standard dice. "Bunco" occurs when all three dice show the same number of spots. What is the probability of tossing a "Bunco" on the first

Measures of dispersion (variation), Measures of Dispersion (Variation) ...

Measures of Dispersion (Variation) A measure of dispersion is to measure the spread among values of observations in a data set. There are three commonly used measures of disper

How will the adoption of ifrs change financial reporting, How will the adop...

How will the adoption of IFRS change financial reporting by companies? Manager 1: The new rules will definitely change the way our organization prepares financial statements.

Report on the residual plots, Report on the residual plots – are the assump...

Report on the residual plots – are the assumptions of the regression met

Read the passage below. What kind of variables are these — n, To examine a ...

To examine a program for educating health professionals in a sports injury clinic about the importance of keeping detailed medical records, a researcher does a controlled trial i

Royalty accounts, Ritu acquired a mine on lease from Richa for a period of ...

Ritu acquired a mine on lease from Richa for a period of 8 years at a royalty of ` 60 per tonne of coal produced subject to minimum rent of ` 1,00,000 for the first year, increasin

Measures of dispersion, if a series of three observations has a mean andd m...

if a series of three observations has a mean andd median of 4 and mean absolute deviation of 4/3. what is the series

Level of significance, Consider the sample data for plants A, B, C & D of t...

Consider the sample data for plants A, B, C & D of the above company, which are tabulated in table 1. Test whether the four means are equal at the 5% level of significance. Perform

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