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

Rebate, Refund can be defined as return of a part of a purchase price by a ...

Refund can be defined as return of a part of a purchase price by a seller to a buyer, usually on a purchase of a specified quantity or a value of goods within a specified period.

Hom, (A) Find the binomial probability P(x = 5), where n = 15 and p = 0.50....

(A) Find the binomial probability P(x = 5), where n = 15 and p = 0.50. (B) Set up, without solving, the binomial probability P(x is at most 5) using probability notation. (C) H

Calculate relevant measures of central tendency, In order to derive meaning...

In order to derive meaningful results from the statistical tables the researcher may use one or more of the followings four steps: a.The first step is to calculate relevant meas

Education , what are the aims of education

what are the aims of education

Z-square, Is the z-square the same as the z-test? what is it used for and h...

Is the z-square the same as the z-test? what is it used for and how is it different from t-square?

Analysis and interpretation business report, Case Study. Using the data, pr...

Case Study. Using the data, prepare a report that analyses the profitability, liquidity and solvency of a Accessorize Pty Ltd and help the owner to decided whether to purchase the

Estimate the cost of producing, Consider the manufacturing system presented...

Consider the manufacturing system presented in the article by Yu and Bricker (1993). The management would like to purchase new machine tools more reliable and more high accuracy

Quartile deviation, find quartile deviation from the student test marks of ...

find quartile deviation from the student test marks of your own

Magnetic susceptibility experiment, . Good day, Using 4-inch pole caps and ...

. Good day, Using 4-inch pole caps and a Mettler M5 balance, I got all the values required in order to calculate the magnetic susceptibility of several inorganic compounds such as

Reproduction rates, Reproduction rates: if the majority of births are thos...

Reproduction rates: if the majority of births are those of boys the population is bound to decrease while the reverse will be the case if the majority of births are girls. Similar

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