Question

In: Statistics and Probability

Suppose that a room has many cotton spinning looms and two operators. Once the looms set...

Suppose that a room has many cotton spinning looms and two operators. Once the looms set up, they run
automatically. One operator can set up one loom independently. The setup time is exponentially distributed, with
mean 30 minutes. The looms are breakdown on an average of one every 20 minutes throughout the day with an
exponential distribution. Suppose that loom operators are paid $20 an hour, and looms not running incur a cost of
$80 an hour. If the probability that all looms are running (no loom needs to be set up) is 0.15,

(1) What is the probability that both operators are busy?
(2) What is the probability that only one operator is busy (only one loom is breakdown)?
(3) Estimate the long-run average cost per hour of the system.

Solutions

Expert Solution


Related Solutions

Suppose the market for cotton is competitive. A typical cotton farmer has a total cost function...
Suppose the market for cotton is competitive. A typical cotton farmer has a total cost function of: C = 100 + 15q – 6q^2 + q^3 . The prevailing market price is $15. a. Find the profit-maximizing output level of this farmer. Calculate the corresponding profit at this output level. Show your steps. b. Suppose all the fixed cost is unavoidable. Explain whether this farmer should shut down its production in the short run.
The chassis assembly time for a television set is observed for two operators. A random sample...
The chassis assembly time for a television set is observed for two operators. A random sample of 12 assemblies from the first operator gives an average assembly time of 22 minutes with a standard deviation of 3.5 minutes. A random sample of 10 assemblies from the second operator gives an average assembly time of 20.3 minutes with a standard deviation of 2.2 minutes. a. Find a 90% confidence interval for the ratio of the variances of the operators' assembly times....
Part Two Instructions Once all journal entries are recorded in the practice set, record the eight...
Part Two Instructions Once all journal entries are recorded in the practice set, record the eight adjusting journal entries below and round to the nearest cent if necessary. The following are the adjusting journal entries for the month of January. Record all adjusting entries on January 31, 2020. Record Adjusting Entries: Record the following month end adjusting entries for the month of January. Write the journal entries in the practice set after the original journal entries. Round all answers to...
Suppose A is the set of positive real numbers, and suppose u and v are two...
Suppose A is the set of positive real numbers, and suppose u and v are two strictly increasing functions.1 It is intuitive that u and v are ordinally equivalent, since both rank larger numbers higher, and therefore generate the same ranking of numbers. Write this intuition as a proof.
Consider two lobster fishermen from Maine. Each has to decide, independently, how many traps to set....
Consider two lobster fishermen from Maine. Each has to decide, independently, how many traps to set. Each can set either 5 or 15 traps. The more traps one fisherman sets, the higher the cost of fishing for the other. Their earnings for each combination are in the table below. The first number in parentheses is the payoff for Fisherman A. Fisherman B 15 Traps 5 Traps Fisherman A 15 Traps ($6, $6) ($14, $3) 5 Traps ($3, $14) ($12, $12)...
Suppose a market place for candy has emerged in the school lunch room. The price of...
Suppose a market place for candy has emerged in the school lunch room. The price of a Starburst is 16 cents, p1 = 16, and the price of an M&M is 4 cent, p2 = 4. Antonio has 12 Starbursts and zero M&M’s. Kate has zero Starbursts and 200 M&Ms. Suppose Antonio’s and Kate’s preferences are characterized by marginal rate of substitution functions, MRSAntonio(x1,x2) = (12)/(√(3(x1)) MRSKate (x1,x2)= (2√(2(x2))/(5) 1. Verify that MRS representation of preferences for Antonio and Kate...
Suppose that a set G has a binary operation on it that has the following properties:...
Suppose that a set G has a binary operation on it that has the following properties: 1. The operation ◦ is associative, that is: for all a,b,c ∈ G, a◦(b◦c)=(a◦b)◦c 2. There is a right identity, e: For all a∈G a◦e=a 3. Every element has a right inverse: For all a∈G there is a^-1 such that a◦a^-1=e Prove that this operation makes G a group. You must show that the right inverse of each element is a left inverse and...
Pr9. Suppose the emergency room at Mass General opens at 6am and has a mean arrival...
Pr9. Suppose the emergency room at Mass General opens at 6am and has a mean arrival rate throughout the day of 6.9 patients per hour (that is λ = 6.9). (A) What is the probability that 12 patients arrive between 6am and 7am? (B) What is the probability that no patient arrives before 7am? (C) What is the probability that the first patient arrives between 6am and 7am? (D) What is the probability that the first patient arrives between 6:15...
Q1 / Based on the set A={1,2,3,5,7} solve the following questions (a) - How many two-digit...
Q1 / Based on the set A={1,2,3,5,7} solve the following questions (a) - How many two-digit numbers can be formed from the set A? (without restrictions) (b)- How many even numbers of two digits can be formed from the set A? (without restrictions)    ________________ Q2 / A die is tossed. What is the probability of getting a multiple of 4 or a multiple of 2. ________________ Q3 / In a group of 50 students, 27 studying Mathematics, 35 studying...
Suppose that your enemy has a set of 20 weighted coins that each has a probability...
Suppose that your enemy has a set of 20 weighted coins that each has a probability of 0.6 of landing heads when flipped. Estimate the mean number of heads if the set was flipped over and over by simulating 250,000 flips of the set and computing the average. (In python)
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT