) Suppose that we have a shipment of components and we would like to decide if we should accept the shipment. We know that the failure time of any7ocomponent has a probability density function f(t) =-We choose a component from theIf that component survives to time , we accept Let our acceptance test be as follows:shipment at random.the shipment (Survival to time means that the failure time is between K and 00 ). If the component fails before time (failure time is Instead,If the AVERAGE between 0and d ), we do not immediately reject the shipment.we choose another component and observe its survival time.survival time bf the two samples is greater than , we accept the shipment.Otherwise, we reject the shipment.No further samples are taken.-Question:What is the probability of accepting the shipment?-The problem will now be restated in different terms, in the event the above statement is not clear.

Probability(Economics)

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