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

Adaptive sampling design, Adaptive sampling design   The sampling de...

Adaptive sampling design   The sampling design in which the method for selecting  the sampling Units on which to make observations might rely on the observed values of the v

Index number, Why index numbers serve as economic barometers?

Why index numbers serve as economic barometers?

Impact of government regulation on managerial decision, Impact of governme...

Impact of government regulation on managerial Decision making Impact of government regulation on managerial Decision making how methods of control can influence market prices.

Production cost, If q=2,TP=450 and AP=225, what is MP. How can I figure out...

If q=2,TP=450 and AP=225, what is MP. How can I figure out what my marginal product will be?

Balance sheet test, told my friend I would help on a test, and now, think i...

told my friend I would help on a test, and now, think its beyond me LOL...want to save face, can you help me?

Pie chart, Ask quwhat is itestion #Minimum 100 words accepted#

Ask quwhat is itestion #Minimum 100 words accepted#

Magnet, Why Magnet show north south pole

Why Magnet show north south pole

Chi-square Test, six subjects were exposed to 4 treatments and the followin...

six subjects were exposed to 4 treatments and the following data were recorded

State unemployment tax, State unemployment tax Condition government aut...

State unemployment tax Condition government authorities provide lack of employment solutions and figure out conditions lack of employment tax amount for each company. (Some not

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