Calculate the renewal function

Reference no: EM131130651

Suppose that {N(t), t ≥ 0} is a renewal process for which the time τ between two consecutive renewals is a continuous random variable such that

(a) Calculate the renewal function, mN(t) for 0

(b) If we receive a reward of $1 at the moment of the nth renewal if the duration of the cycle has been greater than 1/2 (and $0 otherwise), what is the average reward per time unit over a long period?

Reference no: EM131130651

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