can you solve this? Suppose a lot contains 100,000 items. The proportion of defectives p in a good lot is 0.2 with probability 0.8, and 0.4 in a bad lot with probability 0.2. Accepting a bad lot costs $300 and rejecting a good lot costs $200. Sampling costs 1$ per item. Suppose that sampling continues until we observe the kth defective item, at which it stops. Find the optimal value of k
Thank you sir, just I got a question how can we find the probability of rejection on first sample ?
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can you solve this?
Suppose a lot contains 100,000 items. The proportion of defectives p in a good lot is 0.2 with probability 0.8, and 0.4 in a bad lot with probability 0.2. Accepting a bad lot costs $300 and rejecting a good lot costs $200. Sampling costs 1$ per item. Suppose that sampling continues until we observe the kth defective item, at which it stops. Find the optimal value of k
Awesome!! You are genius, Tnx a lot!