Question: Question 1. Consider the equipment replacement problem of Assignment 2. Assume that we would like to identify the optimal replacement policy by solving an infinite-horizon

Question 1. Consider the equipment replacement problem of Assignment 2. Assume that we would like to identify the optimal replacement policy by solving an infinite-horizon discounted total reward problem.

  1. (Q1.1)Formulate the infinite-horizon Markov decision problem.
  2. (Q1.2)Solve the infinite horizon problem (with salvage value present) for the following values oftheparameters: c0 =1,c1 =1,R=5,K=10,=0.8,=0.2,=1and discount factor = 0.9. Solve the problem by all three methods: value iteration method, policy iteration method and linear programming.

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