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A company rents time on a computer for periods of t hours, for which it receives $600 an hour. The number of times the computer breaks down during t hours is a random variable having the Poisson distribution with λ = (0.8)t, and if the computer breaks down x times during t hours, it costs 50x2 dollars to fix it. How should the company select t in order to maximize the expected profit?

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Statistics and Probability, Statistics

Category:- Statistics and Probability
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