Probability that consumer purchased few products

Assignment Help Basic Statistics

Reference no: EM1318559

Q1) In February 2002 Argentine peso lost 70% of its value compared to United States dollar. This devaluation severely raised price of imported products. According to survey conducted by AC Nielsen in April 2002, 68% of consumers in Argentina were purchasing fewer products than before devaluation, 24% were purchasing same number of products, and 8% were purchasing more products. Furthermore, in trend toward purchasing less-expensive brands, 88% pointed out that they had changed brands they purchased. Assume the following complete set of results were reported. Use following data to answer questions 9 through 12.

	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

i) Determine the probability that consumer chosen at random bought fewer products than before and changed brands?

ii) Given that consumer changed te brands, what is the probability that consumer purchased fewer products than before?

Reference no: EM1318559

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