Purchasing less-expensive brands


In February 2002 the Argentine peso lost 70% of its value compared to United States dollar. This devaluation drastically raised the price of imported products. According to the survey conducted by AC Nielsen in April 2002, 68% of 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 the trend toward purchasing less-expensive brands, 88% indicated that they had changed the brands they purchased.

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

Given that a consumer changed 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.

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Basic Statistics: Purchasing less-expensive brands
Reference No:- TGS0866214

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