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A ground-wave radar unit developed by a defense contractor has four critical components.If any one component should fail the radar unit would be rendered ineffective.The component reliabilities are .982, .946, .913, and .969, respectively.
a.What is the system reliability?
b.If the reliability of the third component is changed from .913 to .950, what does the system reliability become?
c.If the company decides to build in system redundancy for the third component, what does the third component's reliability become now?
d.What is the system reliability with redundancy for the third component?
Laissez-Faire
An economic philosophy of free-market capitalism that opposes government intervention.
Circular Flow
A model in economics that illustrates how money moves through an economy between producers and consumers, highlighting the interdependencies of different economic sectors.
Public Ownership
Ownership of assets by the government or public entities, as opposed to private individuals or companies.
Competition
the rivalry among businesses to attract customers and achieve such goals as higher sales, market share, and innovation.
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