Suppose we are interested in investigating the lifespan of a Texas Instrument calculator and we model the lifespan using an exponential distribution with unknown parameter (X). If we test 5 calculators, and their lifetimes are 2, 3, 1, 3, and 4 years, respectively, (a) What is the maximum likelihood estimator for λ? (b) What does it mean in words?

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Suppose we are interested in investigating the lifespan of a Texas Instrument calculator
and we model the lifespan using an exponential distribution with unknown parameter
(A). If we test 5 calculators, and their lifetimes are 2, 3, 1, 3, and 4 years, respectively,
(a) What is the maximum likelihood estimator for λ?
(b) What does it mean in words?
Transcribed Image Text:Suppose we are interested in investigating the lifespan of a Texas Instrument calculator and we model the lifespan using an exponential distribution with unknown parameter (A). If we test 5 calculators, and their lifetimes are 2, 3, 1, 3, and 4 years, respectively, (a) What is the maximum likelihood estimator for λ? (b) What does it mean in words?
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X~exp(1λ)


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