Quiz2 fa 06 KEY

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

This preview shows pages 1–2. Sign up to view the full content.

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?

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern