ECON 2843
Name
KEY
Quiz 2
Spring 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 not 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 purchased fewer products than before, then
what is the probability that he/she will change brands?
3.
A statistics instructor named Mat wants to take his fiancé to 2 (different) movies for a
Valentine’s Day extravaganza.
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 Spring '08
 HUDGINS
 Fixedwing aircraft, a. b. c., randomly selected flight, AC Nielsen

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