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5.1.8 A candy company developed a new consumer product that is expected to earn ​$5,000 in...

5.1.8

A candy company developed a new consumer product that is expected to earn ​$5,000 in profit each year if consumer demand is​ low, ​$19,000 per year if consumer demand is​ moderate, and ​$38,000 per year if consumer demand is high. The probability of​ low, moderate, and high demand is 30​%, 50​%, and 20%, respectively. Determine the expected monetary value​ (EMV) for the new product.

EMV= $ ​(Type an integer or a​ decimal.)

math   Statistics-And-Probability   
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Answer #1

landy ompany developed a neuw lonsumet patodul has Speed to a 5, 000 Coch Neax ff Ontomel demand fs low, then Jhe nt demand s madeate the Gain 1 $38,000. e Concomo demand s high moderale , 50% 20.50 EMv) EMV 1500 + 9500 + 600 EN 18 600

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