Question: Meyer Electronics expects sales next year to be $3,000,000 if the economy is strong, $1,200,000 if the economy is steady and $800,000 if the economy

Meyer Electronics expects sales next year to be $3,000,000 if the economy is strong, $1,200,000 if the economy is steady and $800,000 if the economy is weak. Mr. Meyer believes there is a 25 percent probability the economy will be strong, a 50 percent probability of a steady economy, and a 25 percent probability of a weak economy. What is the expected level of sales for the next year?

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