Question
Please help _ Trying to figure this out using R. A device that operates continuously. The device costs you $300 and has a 1-year warranty.
Please help _ Trying to figure this out using R.
A device that operates continuously. The device costs you $300 and has a 1-year warranty. The warranty protects the device for 1 year. If damaged, you will get a new device for free with the new device having the same warranty. If the device fails after the first year there is no warranty. The device is needed for 8 years. If the device fails outside its warranty period, it'll cost $300 for another device. The time until failure for a device is gamma distributed with parameters = 2 and = 0.5. Use simulation to simulate the 8-year period and include the following outputs. Output an expected value (mean) for each question. You can output the three histograms using a single plot, as the following code implies. You should create three histograms
par(mfrow=c(3,1))
hist(Cost); hist(Failures); hist(totalDevices);
par(mfrow=c(1,1))
3. What is the total cost?
4.Number of failures during the warranty?
5.Number of devices owned during the six-year period?
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