Suppose we know that a particular bottle of wine had a taste score of 15. What can be said about the price of this bottle of wine? Select the statement that is true about the price of this bottle of wine.
A)The expected price is $6.18.We can be confident that this bottle of wine will cost less than $20.
B)The expected price is $25.61.We can be confident that the actual price of this bottle of wine will be between $21.25 and $29.97.
C)The expected price is $25.61.We can be confident that the actual price of this bottle of wine will be between $24.45 and $29.97.
D)The expected price is $25.61.We can be confident that the average price of all bottles of wine with a taste score of 15 will be between $21.25 and $29.97.

Question

Quizplus · Accepted Answer

Without specific data or a model relating taste scores to wine prices, it's impossible to accurately determine the expected price of a bottle of wine based solely on its taste score. However, choice B suggests a specific expected price and a confidence interval for the price, which implies a statistical model or empirical data supporting this assertion. This choice seems to be based on a hypothetical or given statistical analysis, making it the correct answer in the context of this question.

Suppose We Know That a Particular Bottle of Wine Had