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Question
NARRBEGIN: SA_79_83Suppose that the manufacturer of a particular product assesses the joint distribution of the price per unit (P) and demand (D) for its product in the upcoming quarter as presented below. Use this information to answer the following questions.
Demand (D)
| Price per Unit (P) | 2000 | 2500 | 3000 | 3500 | |
| $20 | 0.05 | 0.05 | 0.03 | 0.15 | 0.28 |
| $25 | 0.05 | 0.06 | 0.10 | 0.05 | 0.26 |
| $30 | 0.08 | 0.10 | 0.04 | 0.03 | 0.25 |
| $35 | 0.10 | 0.05 | 0.03 | 0.03 | 0.21 |
| 0.28 | 0.26 | 0.20 | 0.26 |
What is the probability that the price of this product will be above its mean in the upcoming quarter?
Answer
This answer is hidden. It contains 28 characters.
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