A Company Sells Its Products to Wholesalers in Batches of 1,000

question 42

Short Answer

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.
$\begin{array}{cc}\text { Demand Units) }&\text { Probability }\\0 & 0.2 \\1000 & 0.2 \\2000 & 0.3 \\3000 & 0.2 \\4000 & 0.1\end{array}$
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?

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Definitions:

Gay Identity

A person's self-identification as gay, which involves the recognition and acceptance of one's own homosexuality.

Coming Out

The process by which an individual publicly acknowledges their sexual orientation or gender identity.

Homosexual Subculture

A subset of society that consists of individuals who identify as homosexual and share common cultural practices, beliefs, or experiences, distinct from the dominant sexual norms.

Homosexuals

People who experience romantic or sexual attraction towards others of the same gender.