What is the expected value of unit sales

Reference no: EM132008238

Question: 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 next:

Possible Market Reaction	Sales in Units	Probabilities
Low response	20	.10
Moderate response	40	.30
High response	55	.40
Very high response	70	.20

a. What is the expected value of unit sales for the new product? (Do not round intermediate calculations and round your answer to the nearest whole unit).

b. What is the standard deviation of unit sales? (Do not round intermediate calculations. Round your answer to 2 decimal places).

Reference no: EM132008238

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