Question: Problem 13-2 (Algo) Expected value and standard deviation [LO13-1] Myers Business Systems is evaluating the introduction of a new product. The possible levels of

Problem 13-2 (Algo) Expected value and standard deviation [LO13-1] Myers Business Systems

Problem 13-2 (Algo) Expected value and standard deviation [LO13-1] 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 Low response Moderate response High response Very high response Sales in Units Probabilities 10 0.30 25 0.20 40 65 0.30 0.20 a. What is the expected value of unit sales for the new product? Note: Do not round intermediate calculations and round your answer to the nearest whole unit. Expected value units b. What is the standard deviation of unit sales? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Standard deviation units

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