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

Calculate strengths and weaknesses , In the 2009 baseball season, the team ...

In the 2009 baseball season, the team that finished the regular season with the best record in the National League was the Los Angeles Dodgers, with a record of 95-67. (For those o

Financial limitations and expertise, Expertsmind.com offering Limitations ...

Expertsmind.com offering Limitations and expertise in financial accounting In Financial sales it is also useful in the following respects:- (1) Increased volume of finan

Quartile Deviation, Quartile Deviation The range as a measure of dispersio...

Quartile Deviation The range as a measure of dispersion discussed above has certain limitations. It is based on two extreme items and it fails to take account of the scatter withi

Decision tree, how do I answer: with the aid of a decision tree prepare a q...

how do I answer: with the aid of a decision tree prepare a quantitative report advising the company on the optimal course of action. (use a time horizon of 6years and ignore the ti

Time series , what is the importance of time series

what is the importance of time series

Comprehending Behavior Statistics, I was recently buying shoes when the sal...

I was recently buying shoes when the salesperson commented on how large my feet were. After telling him he had lousy sales techniques, I decided to investigate if I really do have

Probabilities, What is the probability of selecting exactly one red and one...

What is the probability of selecting exactly one red and one blue fish (Total red is .479 and total blue is .521 and total of both is 1.000) I cannot figure out the formula or how

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