Annually an average of ? library patrons

Reference no: EM131105982

Suppose that annually an average of λ library patrons want to borrow a book. A patron borrows the book for an average of 1/λ years. Suppose we observe that the book is actually borrowed an average of R times per year. Explain how we can estimate λ which is an unobservable quantity

Reference no: EM131105982

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