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

Elaborate bond issue, Elaborate bond issue A reference indicating the exac...

Elaborate bond issue A reference indicating the exacting or different classification or quantity of bonds issued at a specified moment.

Probality, conceptof probality, theoretical, distribution, normal,binomial ...

conceptof probality, theoretical, distribution, normal,binomial and poisson

Correlation and regression, The square of the sample correlation coefficien...

The square of the sample correlation coefficient is typically denoted r2 and called the coefficient of determination. It estimates the fraction of the variance in Y that is explain

Calculate the p-value and test statistic, 1.  This assignment is important...

1.  This assignment is important in providing feedback and helping to establish competency in essential skills. 2.  Answer all the questions. The questions are not of equal weig

Quantitative techniques, How can we apply matrix algebra in various decisio...

How can we apply matrix algebra in various decision models in business and management?

What is Agency financial reporting system (afrs), What is Agency financial ...

What is Agency financial reporting system (afrs) The state-wide sales system managed by the Workplace of Economical Control. AFRS is the condition of Washington''s established sa

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

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

Recruitment process process map, What are the steps in a recruitment proces...

What are the steps in a recruitment process and who are responsible for each step?

Force, The 70-m microwave transmission tower

The 70-m microwave transmission tower

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