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EXPECTED VALUE OF TOTAL SALES PROJECTION

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Gibson Manufacturing Corp. expects to sell the following number of units of steel cables at the prices indicated under three different scenarios in the economy. The probability of each outcome is indicated. What is the expected value of the total sales projection?
Outcome Probability Units Price
A 0.20 100 $20
B 0.50 180 25
C 0.30 210 30.

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The solution provides the steps to compute expected value of total sales projection.

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UNITS UNIT PRICE TOTAL SALES (UNITS*UNIT PRICE) OUTCOME
100 20 2000 ...

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