Quiz2 sp 07 KEY

# Quiz2 sp 07 KEY - ECON 2843 Quiz 2 Spring 2007 Name Section...

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ECON 2843 Name KEY Quiz 2 Section Time Spring 2007 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 .42 Same .212 More .13 .03 Total .442 1. What is the probability that a randomly selected consumer will purchase the same amount of products than before the devaluation? a. .212 b. .32 * c. .52 d. .558 e. .74 2. If a randomly selected worker was found to have the same amount of products as before the devaluation, then what is the probability that he/she will have changed brands?

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## This note was uploaded on 04/07/2008 for the course ECON 2843 taught by Professor Hudgins during the Spring '08 term at The University of Oklahoma.

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Quiz2 sp 07 KEY - ECON 2843 Quiz 2 Spring 2007 Name Section...

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