Homework answers / question archive / Problem 6-1 Expected value (LO6-6) Gary's Pipe and Steel company expects sales next year to be $1,090,000 if the economy is strong, $745,000 if the economy is steady and $394,000 if the economy is weak

Problem 6-1 Expected value (LO6-6) Gary's Pipe and Steel company expects sales next year to be $1,090,000 if the economy is strong, $745,000 if the economy is steady and $394,000 if the economy is weak

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Problem 6-1 Expected value (LO6-6) Gary's Pipe and Steel company expects sales next year to be $1,090,000 if the economy is strong, $745,000 if the economy is steady and $394,000 if the economy is weak. Gary believes there is a 30 percent probability the economy will be strong, a 40 percent probability of a steady economy, and a 30 percent probability of a weak economy. What is the expected level of sales for next year? Expected tevel of sales