Question: Problem 3. (20 points) Assume a system has one component, and the reliability of this component is 98.5%. Further assume, it will cost $80 to

Problem 3. (20 points) Assume a system has one

Problem 3. (20 points) Assume a system has one component, and the reliability of this component is 98.5%. Further assume, it will cost $80 to fix the system when the component fails. (a) What is the expected fixing cost per part? (b) If a backup with the same reliability can be installed at a cost of $1.00 per part, should the backup be installed

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