SCENARIO 5-8 Two Different Designs on a New Line of Winter Jackets

question 54

Short Answer

SCENARIO 5-8
Two different designs on a new line of winter jackets for the coming winter are available for your manufacturing plants.Your profit (in thousands of dollars)will depend on the taste of the consumers when winter arrives.The probability of the three possible different tastes of the consumers and the corresponding profits are presented in the following table.

-Referring to Scenario 5-8,what is the variance of your profit when Design A is chosen?

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Definitions:

Socialist Representative

A political representative who advocates for socialism, focusing on social ownership, democratic control of the means of production, and prioritizing social welfare.

Industrial Workers of the World

Radical union organized in Chicago in 1905 and nicknamed the Wobblies; its opposition to World War I led to its destruction by the federal government under the Espionage Act.

American Federation of Labor

An early 20th-century national federation of labor unions in the United States, focused on better wages, hours, and working conditions.

Conservative

A belief system advocating for the preservation of conventional social norms and structures.