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Chapter 5 1. A company sells its products to wholesalers in batches of 1,000 units only. The daily demand for its product and the respective probabilities are given below. Demand (Units) Probability 0 0.2 1000 0.2 2000 0.3 3000 0.2 4000 0.1 a. Determine the expected daily demand. What does this demand represent? b. Assume that the company sells its product at $3.75 per unit. What is the expected daily revenue? Briefly discuss the important relationship between demand and revenue from this