Suppose that annually an average of library patrons want to borrow a book. A patron borrows
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Suppose that annually an average of λ library patrons want to borrow a book. A patron borrows the book for an average of 1/µ years. Suppose we observe that the book is actually borrowed an average of R times per year. Explain how we can estimate λ, which is an un-observable quantity. (Let U be the expected number of times per year a patron wants to borrow the book and the book is out. Note that λ = R + U.)
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Practical Management Science
ISBN: 978-1305250901
5th edition
Authors: Wayne L. Winston, Christian Albright
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