The Probability Distribution of the Daily Demand for a Product

question 8

Short Answer

The probability distribution of the daily demand for a product is shown below.
$$\begin{array} { c c } \text { Demand } & \text { Probability } \\0 & 0.05 \\1 & 0.10 \\2 & 0.15 \\3 & 0.35 \\4 & 0.20 \\5 & 0.10 \\6 & 005\end{array}$$
a. What is the expected number of units demanded per day?
b. Determine the variance and the standard deviation.

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