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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

    © BrainMass Inc. brainmass.com October 5, 2022, 6:29 pm ad1c9bdddf
    https://brainmass.com/statistics/probability/mean-standard-deviation-demand-probability-59675

    Solution Preview

    The mean is
    E(X)=7000*0.05+8000*0.10+9000*0.25+10000*0.30+11000*0.20+12000*0.10
    ...

    Solution Summary

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

    $2.49

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