Solution-Expected value of the number of units

Expected value of the number of units

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There is a 85% chance that when a shopper sees product X in the store, the shopper will like it. If a shopper like it he or she will buy one. If the shopper does not like it, he or she will buy zero. Mrs. Smith has just seen product X. Express your answers to four decimal points. Express your answers as decmials and not as percents.

a) What is the expected value of the number of units of product X that mrs. Smith will buy?

b) What is the variance of the number of units of product X that mrs. Smith will buy?

Reference no: EM131444457

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Expected value of the number of units

Reference no: EM131444457

Reference no: EM131444457

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