Hooper Chemical Company, a major chemical firm that uses such raw materials as carbon and...
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Hooper Chemical Company, a major chemical firm that uses such raw materials as carbon and petroleum as part of its production process, is examining a plastics firm to add to its operations. Before the acquisition, the normal expected outcomes for the firm were as follows:
| Outcomes ($ millions) | Probability | |||||
| Recession | $ | 30 | 0.1 | |||
| Normal economy | 50 | 0.3 | ||||
| Strong economy | 70 | 0.6 | ||||
Compute the expected value, standard deviation, and coefficient of variation prior to the acquisition. (Do not round intermediate calculations. Enter your dollar answers in millions rounded to 2 decimal places (e.g., $12,300,000 should be entered as "12.30"). Round the coefficient of variation to 3 decimal places.)
Expected value _____
Standard deviation _____
Coefficient of variation _____
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