Probability that a consumer selected at random

Reference no: EM13103900

In February 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 Nielsen in April 2002 68% of the consumers in Argentina 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 that they purchased. Suppose that the following set of results was reported.

Number of Products Purchased
Brands Purchased 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:

a. purchased fewer products than before?

b. purchased the same number of products as before?

c. purchased the same number or more products than before?

d. purchased fewer products and changed brands?

e. purchased the same number of products and the same brands?

Reference no: EM13103900

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