Amachine tool wears over time and may fail. the failure time measured in months has density ft (t) = 2t/900 for 0 ≤ t ≤ 30 and 0 otherwise. if the tool fails it must be replaced immediately at a cost of $1200. if it is replaced prior to failure the cost is only $300. consider a replacement policy in which the tool is replaced after c months or when it fails. what is the value of c that minimizes cost per unit time.

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

Answer the study of how household and firms make choices,how they interact in market and how the government attempts to influence their choices;