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Pabst Dental Supplies is evaluating the introduction of a new product. The possible levels of unit sales and the probabilities of occurrence are given. Possible
Pabst Dental Supplies is evaluating the introduction of a new product. The possible levels of unit sales and the probabilities of occurrence are given.
Possible Market Reaction | Sales in Units | Probabilities | ||||
Low response | 20 | 0.30 | ||||
Moderate response | 35 | 0.20 | ||||
High response | 50 | 0.20 | ||||
Very high response | 90 | 0.30 | ||||
a. What is the expected value of unit sales for the new product?
Expected value
b. What is the standard deviation of unit sales? (Round the final answer to 2 decimal places.)
Standard deviation
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