A company manufactures two products, X and Y by using three machines A, B, and C. Machine A has 4 hours of capacity available during the coming week. Similarly, the available capacity of machines B and C during the coming week is 24 hours and 35 hours respectively. One unit of product X requires one hour of Machine A, 3 hours of machine B and 10 hours of machine C. Similarly one unit of product Y requires 1 hour, 8 hour and 7 hours of machine A, B and C respectively. When one unit of X is sold in the market, it yields a profit of Rs. 5/per product and that of Y is Rs. 7/per unit. Solve the problem by using graphical method to find the optimum zone of solution.
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
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Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
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