(solved)stochastic process. . . . .
answer the question in the attachment first then answer the following:(c)Your company loses $1, 000 for each day the machine is broken. It costs $x to fix the machine, either from state 3 or state 4. For what values of x is it more profitable to do the preventative maintenance at state 3? For what values of x is it more profitable to wait until the machine fails at state 4?
Answer to stochastic process . . .