As a manufacturer of a flu vaccine, you must decide how many doses of vaccinatio

Question

As a manufacturer of a flu vaccine, you must decide how many doses of vaccinations to make. You know the following probability distribution describes the distribution of demand for vaccination: there is a 40% chance demand will be 11 million, a 25% chance that demand will be 15 million claim, a 15% chance that demand will be 19 million, and otherwise, demand will be 24 million. What is the expected value of demand for vaccinations? (please express your answer in millions and use 2 decimal places, eg, if your answer is 11,560,000 then please write that as 11.560)                                        

Explanation / Answer

expected value =0.4*11+0.25*15+0.15*19+(1-0.4-0.25-0.15)*24

=15.8

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