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manonvsb manonvsb
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The demand for a product varies from month to month. Based on the past year's data, the following probability distribution shows MNM company's monthly demand.

 

x

f(x)

Unit Demand

Probability

       0

0.10

1,000

0.10

2,000

0.30

3,000

0.40

4,000

0.10


 

a.Determine the expected number of units demanded per month.
b.Each unit produced costs the company $8.00, and is sold for $10.00. How much will the company gain or lose in a month if they stock the expected number of units demanded, but sell 2000 units?

Textbook 
Essentials of Statistics for Business and Economics

Essentials of Statistics for Business and Economics


Edition: 7th
Authors:
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windytodaiwindytodai
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