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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 demand of this product will be less than 3500 units in the upcoming quarter, given that its price will be greater than $20?
Answer
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