(a) Suppose that an electronic device has a life length X (in units of 1000 hours) which is considered as a continuous random variable with the following pdf: f(x) = e, x > 0. Suppose that the cost of manufacturing one such item is 20.00 Rupees. The manufacturer sells the item for 50 Rupees, but guarantees a total refund if X < 0.9. What is the manufacturer's expected profit per item?

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.