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Sampson Corporation is evaluating the introduction of a new product. The possible levels of unit sales and the probabilities of their occurrence are shown next:
Sampson Corporation is evaluating the introduction of a new product. The possible levels of unit sales and the probabilities of their occurrence are shown next:
Possible Market Reaction | Sales in Units | Probabilities |
---|---|---|
Low response | 70 | 0.20 |
Moderate response | 80 | 0.20 |
High response | 90 | 0.30 |
Very high response | 110 | 0.30 |
- 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.
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