Question: 3) Consider a machine that works with component 1 and component 2. The lifetime of component 1 is exponentially distributed with parameter 1/7 per year

3) Consider a machine that works with component 1 and component 2. The lifetime of component 1 is exponentially distributed with parameter 1/7 per year and the lifetime of component 2 is exponentially distributed with parameter 1/8 per year. The distributions of the lifetime of the components are independent of one another. The repair time of component 1 or component 2 is evenly distributed over (2,3) months and the expected value of the repair costs is $ 5000 for component 1 or component 2. We assume that the process continues indefinitely

a) What is the stationary renewal rate of the machine?

b) What is the steady-state cost rate of the machine?

c) What is the proportion of the up times in the total time?

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