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Question
A company sells its products to wholesalers in batches of 1,000 units only. The daily demand for its product and the respective probabilities are given below.| Demand (Units) | Probability |
| 0 | 0.2 |
| 1000 | 0.2 |
| 2000 | 0.3 |
| 3000 | 0.2 |
| 4000 | 0.1 |
a. Determine the expected daily demand.
b. Assume that the company sells its product at $3.75 per unit. What is the expected daily revenue?
Answer
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