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Solved: Suppose that a random variable Y has a probability
Chapter 4, Problem 126E(choose chapter or problem)
The weekly repair cost Y for a machine has a probability density function given by
\(f(y)=\left\{\begin{array}{ll}
3(1-y)^{2}, & 0<y<1, \\
0, & \text { elsewhere }
\end{array}\right.\)
with measurements in hundreds of dollars. How much money should be budgeted cach week to for repair costs so that the actual cost will exceed the budgeted amount only 10% of the time?
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QUESTION:
The weekly repair cost Y for a machine has a probability density function given by
\(f(y)=\left\{\begin{array}{ll}
3(1-y)^{2}, & 0<y<1, \\
0, & \text { elsewhere }
\end{array}\right.\)
with measurements in hundreds of dollars. How much money should be budgeted cach week to for repair costs so that the actual cost will exceed the budgeted amount only 10% of the time?
ANSWER:Step 1 of 2
It is given that Y represents the repair cost for a machine and Y has the probability density function
\(f(y)=\left\{\begin{array}{ll} 3(1-y)^{2}, & 0<y<1, \\ 0, & \text { elsewhere } \end{array}\right.\)
We need to find the cost to be budgeted so that the actual cost exceeds the budgeted cost only by 10% in a week.
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