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    Mean and Standard Deviation of Demand Probability

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    How do I figure out the mean and sample deviation of the following demands and probabilities:
    DEMAND probability

    7000 .05
    8000 .10
    9000 .25
    10000 .30
    11000 .20
    12000 .10

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    The mean is

    Solution Summary

    This solution calculates the mean, variance and standard deviation with step-by-step calculations.