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

Descriptive analysis , All Excel output should be copied into a single Word...

All Excel output should be copied into a single Word document where you must enter all of your responses to the questions below. Format the document professionally so it flows well

Mean, Limitations of mean

Limitations of mean

Time series, importance of time series analysis?

importance of time series analysis?

BALANCE SHEET , BALANCE SHEET A financial report that shows the resources,...

BALANCE SHEET A financial report that shows the resources, obligations, and stock of a business at a specified time frame in complying with usually recognized sales concepts (GAAP

Statics process control and improvements, 1. Warm-up Exercise Volumes I,...

1. Warm-up Exercise Volumes I, II, III, and IV of Shakespeare are in sequence next to one another in the library bookcase.  Each volume has 2" of pages and the front and back co

Example of inference, Q. Example of inference? Ans. Thirty student...

Q. Example of inference? Ans. Thirty students from a college were surveyed and classified according to two variables: (1) gender (M/F) and (2) major (liberal arts, busines

Wae optic, can we polarize sunlight by the help of Polaroid disc?

can we polarize sunlight by the help of Polaroid disc?

What is single entry system?, 1. What is Single Entry System? Ans. In...

1. What is Single Entry System? Ans. In Accounting, The program under which only one part of entrance or bookkeeping go is registered is known as single Entry System, they ar

Characteristics of Statistics, 1. Mention the characteristics of Statistics...

1. Mention the characteristics of Statistics. Explain any two applications of Statistics.

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