Purchased Gum Kept the Money 16 27 Students Given Four Quarters Students Given a $1 bill 34 12
Denomination Effect. In Exercises 13–16, use the data in the following table. In an experiment to study the effects of using four quarters or a $1 bill, college students were given either four quarters or a $1 bill and they could either keep the money or spend it on gum. The results are summarized in the table ( based on data from “The Denomination Effect,” by Priya Raghubir and Joydeep Srivastava, Journal of Consumer Research, Vol. 36 ).
Denomination Effect
a. Find the
b. Find the probability of randomly selecting a student who kept the money, given that the student was given four quarters.
c. What do the preceding results suggest?
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