Question
4. A wine industry association reported in its magazine that a particular wine was being marketed by online wine distributors with an average market price
4. A wine industry association reported in its magazine that a particular wine was being marketed by online wine distributors with an average market price of $125 and standard deviation of $12, with the distribution of prices being approximately bell shaped. One boutique wine distributor is concerned by this report as they are charging $50 per bottle for this particular wine. Between what two price points would approximately 68% of prices fall? Between what two numbers would 95% of the prices fall? Between what two values would 99.7% of the prices fall? Write a short report informing the distributor whether the current price being charged is comparable to others.
Could working out be shown please?
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