The Widget Company Has Estimated the Following Revenue Possibilities for the Year

question 35

Essay

The Widget Company has estimated the following revenue possibilities for the year:
$\begin{array} { l l } \text { Sales } & \text { Probability } \\100 & 0.15 \\150 & 0.20 \\220 & 0.30 \\290 & 0.20 \\310 & 0.15\end{array}$
a.Find expected revenue.
b.Find the standard deviation.
c.Find the coefficient of variation.

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Definitions:

Techniques

Methods or approaches used in a particular discipline or activity to achieve a specific result.

Expectations

The anticipations of consumers, firms, and others about future economic conditions.

Firms

Business entities or organizations engaged in commercial, industrial, or professional activities, aiming to produce and sell goods or services to consumers.

Law Of Supply

The principle that, other things equal, an increase in the price of a product will increase the quantity of it supplied, and conversely for a price decrease.