Apologies if this has been asked before, but I couldn\'t see it anywhere.
Essentially I\'ve come across a scenario where i need to make use of an if statement inside
Yes, you can use the shorthand syntax for if statements.
if
rate = lambda(t): (200 * exp(-t)) if t > 200 else (400 * exp(-t))
Note that you don't use explicit return statements inlambdas either.
return
lambda