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Sampson Corp. is evaluating the introduction of a new product. The possiable levels of unit sales and the probabilities of their occurrence are shown next:
Sampson Corp. is evaluating the introduction of a new product. The possiable levels of unit sales and the probabilities of their occurrence are shown next:
Possible Market Reaction | Sales in units | Probabilities |
Low Response | 30 | 0.10 |
Moderate response | 50 | 0.20 |
High Response | 75 | 0.40 |
Very High Response | 90 | 0.30 |
a. What is the expected value of unit sales for the new product?
b. What is the standard deviation of unit sales?
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