What is the expected value of unit sales for the new product

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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

25

0.20

Moderate response

40

0.30

High response

55

0.20

Very high response

60

0.30

Required -

a. What is the expected value of unit sales for the new product?

b. What is the standard deviation of unit sales?

Reference no: EM132607346

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