Your firm has produced a new widget which is sold online. The widget is rated on a five point scale (1= very bad, 5=very good) on your website. The ratings are presented below. Find the expected value (mean), variance, standard deviation for the ratings of your widget. What percent of individuals rated your product as 2 or below?
|
Ratings
|
Odds
|
|
1
|
2.25%
|
|
2
|
10%
|
|
3
|
12.75
|
|
4
|
38%
|
|
5
|
37%
|