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

Project, impact of cost accounting technique in organizational performance

impact of cost accounting technique in organizational performance

Quartiles and percentiles, Quartiles and Percentiles Percentile can ...

Quartiles and Percentiles Percentile can be explained as : a measure this tells us what is the percent of the total frequency scored at or below the measure. Quartiles

Define Nuclear force, Nuclear force Is a short range force extending upto...

Nuclear force Is a short range force extending upto 10 fm. It is fifty-sixty times stronger than electromagnetic force. Nuclear force is independent of charge. Nuclear force betw

Revenue Recognition & Depreciation, Question 2 Pankratov Lakes is a new rec...

Question 2 Pankratov Lakes is a new recreational real estate development that consist of 500 Lake front and lake view lots. As a special incentive to the first 100 buyers of lake v

Historigram, difference between historigram and histogram

difference between historigram and histogram

Feature of accounting transaction, Classification feature of Accounting Tra...

Classification feature of Accounting Transaction. Under the classification accountant posts the entries into their respective ledgers in the Accounts Books. Every Account entry

In-depth analysis of the effects of the salary, Background: There was no 2...

Background: There was no 2004-05 National Hockey Leagues (NHL) season because of a labour dispute between the players and the teams. One of the outcomes of the labour dispute was

Probability combination, From 5 engineering , 6 education .and 8 accountanc...

From 5 engineering , 6 education .and 8 accountancy students, a 5 member committee is to be formed .if at least 1 from each course is in the committee.

Capitalization policy, Capitalization policy The criteria used to decide w...

Capitalization policy The criteria used to decide which capital outlays should be reported as capital assets on the whole state are financial statements,

Project , #question.questionnaire on drug abuse, its implication on youth e...

#question.questionnaire on drug abuse, its implication on youth educational achievements.

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