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What is the probability of weekly sales

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You are working with the marketing team for a FMCG firm that produces shaving cream. The team believes that sales of some of the products are closely related to sales of other products. They want you to explore this in a little more depth for two products, SKU 123 and SKU 456. Unfortunately, all of the base sales data for these products has been destroyed. All that you have is the weekly summary data:

Data Mean Standard Deviation

SKU123832106
SKU4561073249

The marketing team believes the correlation of these items is 0.82.

Now the marketing team wants to understand the potential weekly sales for these two products. Let the sales price for the two SKUs be 12.50, 7.75, respectively.

Assuming the joint distribution is normal, and the marketing team's correlation of 0.82 is correct. What is the probability that weekly sales will be between 10,000 and 20,000 dollars?

Reference no: EM132858085

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