The demand for a product varies from month to month. Based on the past year\'s d

Question

The demand for a product varies from month to month. Based on the past year's data, the following probability distribution shows the company ABC monthly demand: Assume 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 it they stock the expected number of units demanded but sell 2000 units? The student body of a large university consists of 40% female students A random sample of 8 students is selected What is the expected number of female students in the sample?

Explanation / Answer

(4)

Profit $1600

(5)

Here, n = 8 , p = 0.4 , q = 0.6

Expected number of female students = n*p = 8*0.4 = 3.2

Conditional Pay Off State of Nature Probability 0 1000 2000 3000 4000 0 0.1 0 -8000 -16000 -24000 -32000 1000 0.1 0 2000 0 -2000 -4000 2000 0.3 0 2000 4000 2000 0 3000 0.4 0 2000 4000 6000 4000 4000 0.1 0 2000 4000 6000 8000

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.