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

What is the tension in the upper string, Question: The weights shown in the...

Question: The weights shown in the figure are in equilibrium. It consists of objects held by vertical strings. The object 3 weighs 1.4 N. The horizontal bars are identical, uniform

Combination and permuations, Alarm units are to be connected at four fixed ...

Alarm units are to be connected at four fixed positions along a pipeline. In how many ways can the four available alarm unites be connected to the four positions along the line?

Calculate regression analysis, Questions In a regression analysis, a nu...

Questions In a regression analysis, a nurse researcher found a correlation of .82 between pain relief scores and satisfaction with nursing care.  She also calculated the follow

Profit margin (return on sales), Hugh Snore Bedding, Inc. has assets of $40...

Hugh Snore Bedding, Inc. has assets of $400,000 and turns over its assets 1.5 times per year. Return on assets is 12%. What is its profit margin (return on sales)?

Source of economic growth and development, Question 1: (a) Describe the...

Question 1: (a) Describe the factors that contributed to the adoption of structural adjustment programme by a majority of Least Developed Countries in the 1980s? (b) Describ

Obtain the p-value for the value of the test statistic, A study looked at t...

A study looked at the relationship between coronary heart disease (CHD) and coffee consumption in a group of 40-55 year old men. Among the 790 heavy coffee drinkers (at least 100 c

What is managerial accounting system, Define the Management or Managerial A...

Define the Management or Managerial Accounting System. Ans.  As the name suggest management or managerial accounting system refers to the Management of the firm or company,

Calculate the standard error and confidence interval, 1. You have a regiona...

1. You have a regional country-year dataset over 10 years of 150 total observations, within this data you have 25 observations where the ruling party has lost power. (a) Assumin

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