Problem 1 (10 points). Joyce is looking to buy a new phone in the next two weeks. The time between sales on the phone is exponentially distributed with mean 30

days., (a) Assuming the regular price of the phone is $300 and the sale price is $200, what is the expected price that Joyce will pay for a phone? (b) Given that the phone has not gone on sale in the past week, what is the probability that the phone will go on sale within the next two weeks?