Reference no: EM13140018

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 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

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. ________

What is the probability that a consumer selected at random purchased the same number or more products than before? Place your answer, rounded to 4 decimal places, in the blank. ________

What is the probability that a consumer selected at random purchased fewer products than before and changed brands? Place your answer, rounded to 4 decimal places, in the blank. ________

Given that a consumer changed the brands, what then is the probability that the consumer purchased fewer products than before? Place your answer, rounded to 4 decimal places, in the blank. ________

Suppose that the probability that a new medication will cause a bad side effect is 0.03. If this medication is given to 150 people, what is the probability that exactly three of them will experience a bad side effect? Place your answer, rounded to 4 decimal places, in the blank. _______