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:Problem $13-2($Algo$)$ Expected value and standard deviation $[$LO$13-1]$

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:

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 $2$ decimal places.

Standard deviation

units

Possible Market Reaction Sales in Units Probabilities

Low response $400\mathrm{.}10$

Moderate response $550\mathrm{.}20$

High response $650\mathrm{.}20$

Very high response $800\mathrm{.}50$

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.

What is the standard deviation of unit sales?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.