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

Hydrogen, Can Hydrogen be liquefied at room temperature

Can Hydrogen be liquefied at room temperature

National demand, The national demand and price for a certain type of energy...

The national demand and price for a certain type of energy-efficient exhaust fan are related by p=441-3/7q, where p is the price and q the demand. The price and supply of the exhau

Assignment, An experiment succeeds twice as often as it fails. Find the cha...

An experiment succeeds twice as often as it fails. Find the chance that in the next six trials there will be at least four successes

Business tax accounting , 1. Passive losses are fully deductible as long as...

1. Passive losses are fully deductible as long as they do not exceed $50,000 during the year. A) True B) False 2. Wages are considered "active income." A) True B) False 3. A de

Calculate the probability of coin, Q1. If you throw a coin 5 times, what is...

Q1. If you throw a coin 5 times, what is the probability of: - throwing 5 heads - throwing 4 tails - throwing 3 heads and 2 tails Q2. Construct a tree diagram to verify your ans

FIFO, how to figure out cost of good available for sale, cost of sales, end...

how to figure out cost of good available for sale, cost of sales, ending inventory

Construct simulation model-estimate the probability, CBT has agreed to fina...

CBT has agreed to finance the needs of a stereo wholesaler for the next month. To complete the loan agreement, the wholesaler must estimate the cash on hand during the first 90 day

Permutation and combination, How many different starting lineups of 5 baske...

How many different starting lineups of 5 basketball players can be chosen from a squad of 13 players?

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