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

Application of statistics, Mention the characteristics of Statistics. Expla...

Mention the characteristics of Statistics. Explain any two applications of Statistics

Statistics, The amount of time it takes the IRS to send a refund to taxpaye...

The amount of time it takes the IRS to send a refund to taxpayers is normally distributed with a mean of 12 weeks and a standard deviation of 3 weeks. What proportion of the taxpay

Bill of exchange, Who can issue a bill of exchange for what purpose? Onl...

Who can issue a bill of exchange for what purpose? Only a supplier who has to get the cash from his client for the purchase which was done on credit score platform can increase

Employer''s fica tax rate for 2012, Employer's FICA tax rate for 2012 Th...

Employer's FICA tax rate for 2012 The employer's FICA tax amount for 2012 involves 1) the Public Protection tax amount of 6.2% of each individual's first $110,100 of income, inc

ACC 557, Glaser Services acquired 30% of the outstanding common stock of Ni...

Glaser Services acquired 30% of the outstanding common stock of Nickels Company on January 1, 2008, by paying $800,000 for the 45,000 shares. Nickels declared and paid $0.30 per sh

Identify interaction between estimators and jobs, Q1.(i) The logistics depa...

Q1.(i) The logistics department of a large firm employs three "estimators" whose job it is to decide the likely cost of delivering their products to their customers.  This enables

The impact of the shift to ifrs, How do you think the banking sector is goi...

How do you think the banking sector is going to get impacted?   Manager 1: The impact of the shift to IFRS is going to be much higher in the banking sector. This impact woul

Spss data analysis assignment, At the end of their first year of teaching, ...

At the end of their first year of teaching, 11 teachers were jointly ranked by two school administrators to reflect their relative degree of teaching competence. Unknown to the adm

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