Library patrons want to borrow a book

Reference no: EM131106355

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 3is actually borrowed an average of R times per year. Explain how we can estimate λ which is an unobservable quantity.

Reference no: EM131106355

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