Question

Suppose that the manufacturer of a particular product assesses the joint distribution of price P per unit and demand D for its product in the coming quarter as provided in the file S04_31.xlsx.
a. Find the expected price and the expected demand in the coming quarter.
b. What is the probability that the price of this product will be above its mean in the coming quarter?
c. What is the probability that the demand for this product will be below its mean in the coming quarter?
d. What is the probability that demand for this product will exceed 2500 units during the coming quarter, given that its price is less than $40?
e. What is the probability that demand for this product will be fewer than 3500 units during the coming quarter, given that its price is greater than $30?
f. Find the correlation between price and demand. Is the result consistent with your expectations?
Explain.



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  • CreatedApril 01, 2015
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