The demand for a product varies from month to month. Based on data from past years, the following probability density function shows the probabilities of MNM company’s monthly demand. Probabilities of MNM company's monthly demand Unit Demand P(X=x) 1200 0.19 2100 0.30 3300 0.40 3800 0.11 c) Calculate the standard deviation. d) Each unit produced costs the company $8.00, and each unit is sold for $25.00. How much will the company gain or lose in a month if they stock the expected number of units demanded but sell 2100 units?
The demand for a product varies from month to month. Based on data from past years, the following probability density function shows the probabilities of MNM company’s monthly demand. Probabilities of MNM company's monthly demand Unit Demand P(X=x) 1200 0.19 2100 0.30 3300 0.40 3800 0.11 c) Calculate the standard deviation. d) Each unit produced costs the company $8.00, and each unit is sold for $25.00. How much will the company gain or lose in a month if they stock the expected number of units demanded but sell 2100 units?
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter13: Probability And Calculus
Section13.3: Special Probability Density Functions
Problem 42E
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Question
2.2
The demand for a product varies from month to month. Based on data from past years, the following probability density
Probabilities of MNM company's monthly demand
Unit Demand | P(X=x) |
---|---|
1200 | 0.19 |
2100 | 0.30 |
3300 | 0.40 |
3800 | 0.11 |
c) Calculate the standard deviation.
d) Each unit produced costs the company $8.00, and each unit is sold for $25.00. How much will the company gain or lose in a month if they stock the expected number of units demanded but sell 2100 units?
Expert Solution
Step 1
Probabilities of MNM company's monthly demand
Unit Demand | P(X=x) |
---|---|
1200 | 0.19 |
2100 | 0.30 |
3300 | 0.40 |
3800 | 0.11 |
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