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A machine tool wears over time and may fail. The failure time measured in months has density and…

A machine tool wears over time and may fail. The failure time measured in months has density

A machine tool wears over time and may fail. The failure time measured in months has density and...

and 0 otherwise. If the tool fails, it must be replaced immediately at a cost of $1200. If it is replaced prior to failure, the cost is only $300. Consider a replacement policy in which the tool is replaced after c months or when it fails. What is the value of c that minimizes cost per unit time.