Problem:
Lowe Tech Co. is evaluating the introduction of a new product. The possible levels of unit sales and the probabilities of their occurrence are given.
Possible Market Reaction_________Sales in Units_____________Probabilities
Low Response_____________________30______________________.30
Moderate Response_________________45______________________.20
High Response_____________________55______________________.20
Very high response_________________70_______________________.30
Required:
Question 1: What is the expected value of unit sales for the new product?
Question 2: What is the standard deviation of unit sales?
Note: Please provide full description.