In febuary 2002 the argentine peso lost 70% of its value compared to the United
ID: 2924197 • Letter: I
Question
In febuary 2002 the argentine peso lost 70% of its value compared to the United States dollar. this devaluation drastically raised the price of imported products. according to a survey conducted by ac nielson in april 2002, 68% of the consumers in argentine were buying fewer products than before the devaluation, 24% were buying the same number of products, and 8% were buying more products. furthermore, in a trend toward purchasing less expensive brands, 88% indicated that they had changed the brands they purchased. suppose the following complete set of results were reported. Use the following complete set of results were reported. Use the following data to answer this question.
Fewer Same More Total
Same 10 14 24 48
Changed 262 82 8 352
Total 272 96 32 400
What is the probability that a consumer selected at random purchased the same number or more products than before?
Explanation / Answer
P(consumer selected at random purchased the same number or more products than before) = (96+32)/400 = 0.32
So, answer is 0.32