Calculate the estimated value and the standard deviation

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Reference no: EM132416119

A new product has the following demand/unit sale price characteristics:

SALES VOL.(UNITS) PROB SALE UNIT PRICE $ PROB

30,000 0.15 3.50 0.15

45,000 0.40 3.00 0.20

50,000 0.30 2.75 0.45

75,000 0.15 2.50 0.20

Calculate the Estimated Value (Mean) and the Standard Deviation (SD) of the gross income from the sale of this product. What is the probability that the gross income will be more than $170,000?

Reference no: EM132416119

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