Exercise 44 summarizes results from a survey of stockholders following the October 1987 stock market crash.
(a) Quantify the amount of association between the respondents’ stock ownership and expectation about the chance for another big drop in stock prices.
(b) Reduce the table by combining the counts of very likely and somewhat likely and the counts of not very likely and not likely at all, so that the table has three rows: likely, not likely, and unsure. Compare the amount of association in this table to that in the original table.