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

Cost , For the month of June, Department A of Pauley Inc. had a segment mar...

For the month of June, Department A of Pauley Inc. had a segment margin ratio of 15%, a variable expense ratio of 60% of sales, and traceable fixed expenses of $15,000. Department

What is the probability that a major defect is detected, Back to the worksh...

Back to the workshop the previous problem but assuming that in each of the three stages of development, there is a certain probability that a major defect is detected. When such a

Permutations and combinations, 16 people to line-up ( 12 boys 4 girls). in ...

16 people to line-up ( 12 boys 4 girls). in how many ways could they line-up with all 4 girls in last (anyorder)?

Calculate the npv of machine, Kenneth Su Gold Corp (KSGC) is considering th...

Kenneth Su Gold Corp (KSGC) is considering the purchase of a new piece of machinery. The new machinery would cost $80,000. You are given the following facts: The new machine

Probability, What is the probability 0.10 called?

What is the probability 0.10 called?

Index number, How to solve problems of index number fixed based method

How to solve problems of index number fixed based method

Cost accounting, I have 8 problems that I need help with. I will need to up...

I have 8 problems that I need help with. I will need to upload the files. Thanks

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