Question: Problem: Consider a firm that is introducing a new product. The firm identified 300 potential customers whose probability of purchasing the product depends on age

Problem:

Consider a firm that is introducing a new product. The firm identified 300 potential customers whose probability of purchasing the product depends on age and gender as follows:

Female Under 60 Probability

Buy 0.6

Not 0.4

Female Over 60 Probability

Buy 0.4

Not 0.6

Male Under 60 Probability

Buy 0.55

Not 0.45

Male Over 60 Probability

Buy 0.45

Not 0.55

Using the customer data provided, estimate the average number of product demand in each city: New York, Chicago, Los Angeles, and Seattle. Please show formulas:

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