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

HYPOTHESIS TESTING, The fluctuations in the stock market induce some invest...

The fluctuations in the stock market induce some investors to sell and move their money into more stable investments. To determine the degree to which recent fluctuation affected o

Time series, discuss the nature and causes of the components of an economic...

discuss the nature and causes of the components of an economic time series?

Why do jovian planets have rings, Why do Jovian planets have rings? - Ring...

Why do Jovian planets have rings? - Ring particles cannot have lasted for billions of years so the particles we see today must have been created recently. - New ring particles

Depression screening measures , A study of a new anti-depressant drug took ...

A study of a new anti-depressant drug took a sample of 10 individuals with high depression screening measures (DSM) and gave them the drug for three months.  At the end of the thre

Linear power supply, Linear Power Supply Uses a transformer to convert volt...

Linear Power Supply Uses a transformer to convert voltage from the mains (wall outlet) to a different voltage. With a transformer present, almost any voltage can be obtained. If a

Sample space of an experiment, 1.The resumés of 2 males applicants for a co...

1.The resumés of 2 males applicants for a college teaching position in chemistry are places in the same file as the resumés of 2 female applicants. Two positions become available a

STATISTICS, EIGHT definition of statistics and their scholars

EIGHT definition of statistics and their scholars

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