Question: The lifetime of a machine is an Erlang random variable with parameters k = 2 and =0.2 (per day). When the machine fails, it is

The lifetime of a machine is an Erlang random variable with parameters k = 2 and =0.2 (per day). When the machine fails, it is repaired. The repair times are Exp() with mean 1 day. Suppose the repair costs $10 per hour. The machine produces revenues at a rate of $200 per day when it is working. Compute the long run net revenue per day

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