20. The distribution of life ofa special type of bulb used by a company is as follows:...
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20. The distribution of life ofa special type of bulb used by a company is as follows:
The cost of replacing an individual bulb when it fails is Rs 5 while the cost when replaced on a group basis is Rs 2 per bulb. The company has one thousand bulbs of this type installed.
(a) Calculate average life of a bulb.
(b) Determine if the policy of group replacement is superior to the policy of individual replacement.
Consider the periods of 1 month, 2 months, and 3 months, for replacement.
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