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 Round your answers to four decimal places, if necessary. a. Develop a joint probability table and use it to answer the following questions. Respondent I am My spouse We are equal Total Husband Wife Total b. Constract the marginal probabilities for Who Is Better (I Am, My Spouse, We Are Equal). Comment. P(I) = P(S) = and P(E) = “SelectI AmMy SpouseWe Are EqualItem 15 ” is the most likely response. 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?
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 |
Round your answers to four decimal places, if necessary.
a. Develop a joint
| Respondent | I am | My spouse | We are equal | Total |
| Husband | ||||
| Wife | ||||
| Total |
b. Constract the marginal probabilities for Who Is Better (I Am, My Spouse, We Are Equal). Comment.
P(I) =
P(S) =
and P(E) =
“SelectI AmMy SpouseWe Are EqualItem 15 ” is the most likely response.
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?
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