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    Expected Value of Umbrellas Using Historical Data

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    ABC Company is selling the umbrella which sells direct to the customers.

    It has established that the historical data as below:
    Umbrella's demand per month Frequency
    200 2
    300 6
    400 8
    500 12
    600 18

    Try to find:

    What is the expected umbrella's demand per month?

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    Solution Preview

    "In probability theory, the expected value (or expectation, or mathematical expectation, or mean, or the first moment) of a random variable is the weighted average of ...

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    This solution helps with a question about expected value of umbrellas using historical data.