SOLUTION: 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 s
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Question 723667: 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 they purchased. Suppose the following complete set of results were reported. Use the following data to answer this question.
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 purchased fewer products than before? Place your answer, rounded to 4 decimal places, in the blank.
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