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Determine the expected monetary value for the new product

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Problem - A candy company developed a new consumer product that is expected to earn $5,000 in profit each year if consumer demand is low, $19,000 per year if consumer demand is moderate, and $31,000 per year if consumer demand is high. The probability of low, moderate, and high demand is 35%, 45%, and 20%, respectively. Determine the expected monetary value (EMV) for the new product.

Reference no: EM132910236

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