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 accounting, To bring Mr. Kid to justie, the company must reconstruct i...

To bring Mr. Kid to justie, the company must reconstruct its activities for June. You have been assigned to perform the task of reconstruc*ion. After interviewing selected employee

R programm, 1. Generate a large dataset ( at least 1000 observations) µ wit...

1. Generate a large dataset ( at least 1000 observations) µ with a known mean, µ between 20 and 40 and variance s = 9 using rnorm(). identify it as D. Use the functions mean() and

Calculate the weighted average cost of capital, The Foschini Group has just...

The Foschini Group has just issued a batch of preference shares that will pay a constant dividend of R8, beginning 6 years from now. If the required rate of return is 8%, what does

PROBABILITY & STATISTICS I, Design an investigation that details the follow...

Design an investigation that details the following six components: Note: If one or more of the following components do not apply to your investigation, explain why each does n

What is univariate and bivariate data, Q. What is Univariate and Bivariate ...

Q. What is Univariate and Bivariate Data? Ans. Univariate data is data gathered about a single variable. Univariate studies could include a study of the amount paid by Am

Analyze data using chi-square test , Analyze the given data using chi-squar...

Analyze the given data using chi-square test and see if it fits the expected 9:3:3:1 F 2 phenotypic ratio.   Ho: Null hypothesis: The F 2 phenotypic ratio follows the

Absorption distributions , Absorption distributions Probability distribu...

Absorption distributions Probability distributions which represent the number of 'individuals' (such as particles) which fail to cross the speci?ed area containing the hazards o

International financial reporting standards-ifrs, IFRS: IFRS (Internationa...

IFRS: IFRS (International Financial Reporting Standards) is a set of accounting standards that were developed as global standard. The IFRS was developed by IASB (International Acc

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