Gary's Pipe and Steel Company expects sales next year to be $800,000 if the economy is strong.
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Question:
Gary's Pipe and Steel Company expects sales next year to be $800,000 if the economy is strong. $500,000 if the economy is steady and $350,000 if the economy is weak. Gary believes there is a 20 percent probability the economy will be strong, a 50 percent probability of a steady economy, and a 30 percent probability of a weak economy. What is the expected level of sales for next year? Please help with work shown
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