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
a. What is the expected value of unit sales for the new product?
b . What is the standard deviation of unit sales?