(Solution Library) The number of missing items in a certain location, call it X, is a Poisson random variable with mean λ. When searching the location,
Question: The number of missing items in a certain location, call it \(X\), is a Poisson random variable with mean \(\lambda\). When searching the location, each item will independently be found after an exponentially distributed time with rate \(\mu\). A reward R is received for each item found, and a searching cost of \(C\) per unit of search is incurred. Suppose that you search for a fixed time \(t\) and then stop.
Deliverable: Word Document 