Question
To better understand how husbands and wives feel about their finances, Money Magazine conducted a national poll of 1010 married adults age 25 and older
To better understand how husbands and wives feel about their finances, Money Magazine conducted a national poll of 1010 married adults age 25 and older with household incomes of $50,000 or more (Money Magazine website, December 14, 2014). Consider the following example set of responses to the question, "Who is better at getting deals?"
Who is Better?
Respondent I Am My Spouse We Are Equal
Husband 278 127 102
Wife 290 111 102
a. Develop a joint probability table and use it to answer the following questions.
b. Construct the marginal probabilities for Who is better (I Am, My Spouse, We are Equal) Comment.
c. Given that the respondent is a husband, what is the probability that he feels he is better at getting deals than his wife?
d. Given that the respondent is a wife, what is the probability that she feels she is better at getting deals than her husband?
e. Given a response "My spouse" is better at getting deals, what is the probability that the response came from a husband?
f. Given a response "We are equal," what is the probability that the response came from a husband? What is the probability that the response came from a wife?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started