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QUESTION
Myers Business Systems is evaluating the introduction of a new product. The possible levels of unit sales and the probabilities of their occurrence...
Myers Business Systems is evaluating the introduction of a new product. The possible levels of unit sales and the probabilities of their occurrence are given below:Possible SalesMarket Reaction in Units ProbabilitiesLow response . . . . . . . . . . . . . 20 .10Moderate response . . . . . . . . . 40 .30High response . . . . . . . . . . . . . 55 .40Very high response . . . . . . . . . 70 .20a. What is the expected value of unit sales for the new product?b. What is the standard deviation of unit sales?
