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Problem - A company is considering introducing a new product. Market research suggests that the setting price per unit should be R24, R25 or R26. The marketing department has produced estimates of sales demand and their associated probabilities for each possible selling price. These estimates, based on pessimistic, likely and optimistic forecasts, are as follows:
Selling price
R24
R25
R26
Sales demand Units
Probability
Pessimistic
70,000
0.2
60,000
0.1
30,000
0.3
Likely
80,000
0.5
0.6
0.4
Optimistic
90,000
Required - Calculate the expected value of the total sates revenue for each of the selling prices.
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