Irwin’s sells a particular model of fan, with most of the sales being made in the summer months. Irwin’s makes a one-time purcha
se of the fans prior to each summer season at a cost of $40 each and sells each fan for $60. Any fans unsold at the end of the summer season are marked down to $29 and sold in a special fall sale. Virtually all marked-down fans are sold. The following is the number of sales of fans during the past 10 summers: 30, 50, 30, 60, 10, 40, 30, 30, 20, 40.
Estimate themean and variance of the demad for fans each summer.
Estimate themean and variance of the demad for fans each summer.
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