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

Stability Criterion, Stability Criterion A survey of periodic table caref...

Stability Criterion A survey of periodic table carefully reveals that those elements in which N / Z = 1 or 1.6 are stable. Amongst these, the elements having even N and even Z ar

Co-efficient of covariance., solution of problems based on coefficient of c...

solution of problems based on coefficient of covariance

6.2, comulativefrequencydistribution

comulativefrequencydistribution

Air wedge experiment , describe the air wedge experiment to determine the t...

describe the air wedge experiment to determine the thickness of a wire

Collection of information, This methods implies the collection of inform...

This methods implies the collection of information by way of investigator own observation without interviewing the respondents. While the observational methods may be suitabl

Generally accepted accounting principles, Can the Depreciation on Assets be...

Can the Depreciation on Assets be recorded in Single Entry system? No, it cannot be possible. What do you mean by Computer Hardware? The computer is made with different co

Computing observed probability values , For an alignment shown below derive...

For an alignment shown below derive log-odds score for the column 1 only by a)  Computing observed probability values b)  Expected probability values TAGCTT AAGCTC T

Explain correlation coefficient, Q. Explain Correlation Coefficient? A...

Q. Explain Correlation Coefficient? Ans. The strength of a linear correlation is determined by how precisely the y variable shifts as the x variable increases. The two pi

Customer behaviour, customer behaviour in accounting felid of study

customer behaviour in accounting felid of study

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