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Business, 01.05.2021 04:20 dogsarecrazy7868

Milk is stocked at a grocery store each week. At the end of each week, unsold milk price is reduced by 40% and the store can sell the unsold milk fully at this lower price. If weekly demand for milk is normally distributed with a mean of 200 gallons and standard deviation of 20 gallons, find the price for which a fresh gallon of milk sells. Assume that the store has a service level of 95% and purchases milk for $2.48 per gallon.

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