Miss rate is the no. of referred pages that are not present in the page table. Let us assume if for every 10 references, 6 pages are not available in the page table then the miss rate is 6/10 = 0.6..... it will be given as hit rate. Then 1-hit rate gives miss rate.
Miss Penalty is the time required to fetch the missing pages from secondary memory to primary memory. miss penalty can be calculated using time to search page table + time to access secondary memory + transfer of data from secondary memory to primary memory. usually it is given in the problem statement itself. if not we have to calculate it.
