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?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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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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