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Myers Business Systems is evaluating the introduction of a new product. The possible levels of unit...

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Finance

Myers Business Systems is evaluating the introduction of a newproduct. The possible levels of unit sales and the probabilities oftheir occurrence are given next:
  

Possible
Market Reaction		Sales in
Units		Probabilities
Low response10.20
Moderate response50.30
High response70.40
Very high response90.10


a. What is the expected value of unit sales forthe new product? (Do not round intermediate calculationsand round your answer to the nearest whole unit.)

Expected valueunits

b. What is the standard deviation of unitsales? (Do not round intermediate calculations. Round youranswer to 2 decimal places.)

Standard deviationunits

Answer & Explanation Solved by verified expert
4.1 Ratings (748 Votes)
a Expected value sales in units probabilitiesExpected value 10 020 50 030 70 040 90 01Expected value 2 15 28 9 54b Standard deviationFor calculating standard    See Answer
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Myers Business Systems is evaluating the introduction of a newproduct. The possible levels of unit sales and the probabilities oftheir occurrence are given next:  PossibleMarket ReactionSales inUnitsProbabilitiesLow response10.20Moderate response50.30High response70.40Very high response90.10a. What is the expected value of unit sales forthe new product? (Do not round intermediate calculationsand round your answer to the nearest whole unit.)Expected valueunitsb. What is the standard deviation of unitsales? (Do not round intermediate calculations. Round youranswer to 2 decimal places.)Standard deviationunits

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