Myers Business Systems is evaluating the introduction of a new product. The possible levels of...
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Myers Business Systems is evaluating the introduction of a new product. The possible levels of unit sales and the probabilities of their occurrence are given next:
| Possible Market Reaction | Sales in Units | Probabilities | ||||
| Low response | 20 | .10 | ||||
| Moderate response | 40 | .30 | ||||
| High response | 55 | .40 | ||||
| Very high response | 70 | .20 | ||||
a. What is the expected value of unit sales for the new product? (Do not round intermediate calculations and round your answer to the nearest whole unit.)
b. What is the standard deviation of unit sales? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
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