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Imagine that you are a quality engineer for a major company and need to estimate the...

Imagine that you are a quality engineer for a major company and need to estimate the budget for warranty claims for a new product going out to consumers. Your company models warranty claims (due to failure) as a Weibull distribution. If the warranty period is 12 months, and the Weibull parameters are b = 5 and d = 18, and the cost of a returned unit in the warranty period is $100, how much money should your company budget for warranty claims if you sell 50,000 units?

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