Quiz2 fa 06 KEY - ECON 2843 Quiz 2 Fall 2006 Name Section...

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ECON 2843 Name KEY Quiz 2 Section Time Fall 2006 ID # Students must show all work on problems that involve calculation. Questions 1 - 2 refer to the following table. In February 2002, the Argentine peso lost 70% of its value compared to the U.S. dollar. This devaluation drastically raised the price of imported products. According to an AC Nielsen survey, some Argentinean consumers changed to less expensive brands, and some of them changed the number of products that they purchased. The results are given in the table. Brands Purchased same changed Total Number of Products Purchased Fewer .025 Same .035 .205 More .06 .02 Total .88 1. What is the probability that a randomly selected consumer will purchase more products than before the devaluation? a. .025 b. .08 * c. .68 d. .92 e. .98 2. If a randomly selected worker was found to have changed brands, then what is the probability that he/she will purchase fewer products than before?
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