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

Sum, 3. In a management class of 100 students’ three languages are offered ...

3. In a management class of 100 students’ three languages are offered as an additional subject viz. Hindi, English and Kannada. There are 28 students taking Hindi, 26 taking Hindi

Binomial expansion, what is the largest coefficient of (1+3x)^4 is ?

what is the largest coefficient of (1+3x)^4 is ?

Projectile motion, A fox fleeing from a hunter encounters a 0.730 m tall fe...

A fox fleeing from a hunter encounters a 0.730 m tall fence and attempts to jump it. The fox jumps with an initial velocity of 7.10 m/s at an angle of 45.0°, beginning the jump 2.1

Index numbers, What are the advantages and disadvantages of index numbers

What are the advantages and disadvantages of index numbers

Calculate the cost of owning and leasing, Bugsy?s Haulers, is considering t...

Bugsy?s Haulers, is considering the purchase or lease of a fuel tanker. The Purchase Option The purchase price is R4 000 000. This will be paid off as follows: R2 5

Define block grant, Define block grant A federal grant that consolidates, ...

Define block grant A federal grant that consolidates, for a wide reason or any type of purpose, funds previously awarded for a wide variety of activities.

Corporate B onds/Preffered Stocks, What is the complete answer and files fo...

What is the complete answer and files for this document

Calculate the monopoly profits and probability , Each firm in a competitive...

Each firm in a competitive research industry can undertake one project at a constant cost, f = $960 to try and develop a certain new product. The inverse demand curve for the new

Study guide, I have a midterm coming up the teacher is allowing us to have ...

I have a midterm coming up the teacher is allowing us to have a front & back cheats on anything we want on it. Is there a way you guys can make me one?

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