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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
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:
tablePossible Market Reaction,tableSales inUnitsProbabilitiesLow response,Moderate response,High response,Very high response,
a What is the expected value of unit sales for the new product?
Note: Do not round intermediate calculations and round your answer to the nearest whole unit.
Expected value
units
b What is the standard deviation of unit sales?
Note: Do not round intermediate calculations. Round your answer to decimal places.
Standard deviation
units
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