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

#binomial probability, they gave me n=30 and p=.23 to get the answers for P...

they gave me n=30 and p=.23 to get the answers for P(20,x,23)= and P(x.23)=

What is the coefficient of determination, The data in the table below are t...

The data in the table below are the results of a random sample of recent home sales in your neighborhood that your boss has asked you to use to estimate the relationship between th

Cash equivalent., Cash equivalent Short-term: highly liquid investments th...

Cash equivalent Short-term: highly liquid investments that are together [1) readily convertible to known amounts of cash & [2) so close to their maturity that they there insignifi

Worksheet assignment help, Worksheet 5 Q1: For this question, use the p...

Worksheet 5 Q1: For this question, use the petrol consumption data from Worksheet 4, (included the data for worksheet 4)   8.9   10.4    6.3   8.9   10.8   10.8   8.2

Calculate and interpret the measures of dispersion for data, You are workin...

You are working for the management of ESK Jewellery as a marketing consultant. The main business of ESK Jewellery is the retailing of diamond jewellery. They opened their first sho

Managerial accounting, The ABC Company''s old equipment for making subassem...

The ABC Company''s old equipment for making subassemblies is worn out. The company is considering two alternatives: a) Completely replacing the old equipment with new equipment b)

Penny''s game, (Penney’s game) Independent flips of a biased coin that land...

(Penney’s game) Independent flips of a biased coin that lands on heads with probability 0.7 are made. Each of two players, A and B, had chosen one out of the eight triplet: {HHH, H

Generate a hypothesis test , An instructor wants to determine which of his ...

An instructor wants to determine which of his students are A students and which are B students (this is a graduate course, so clearly all the students are either A or B stu

Dist4ibution, I want support about statistical distributions

I want support about statistical distributions

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