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 Develop a joint probability table and use it to answer the following questions. Construct the marginal probabilities for Who Is Better (I Am, My Spouse, We Are Equal). Comment. Given that the respondent is a husband, what is the probability that he feels he is better at getting deals than his wife? Given that the respondent is a wife, what is the probability that she feels she is better at getting deals than her husband? Given a response “My spouse” is better at getting deals, what is the probability that the response came from a husband? 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?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
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
- Develop a joint probability table and use it to answer the following questions.
- Construct the marginal probabilities for Who Is Better (I Am, My Spouse, We Are Equal). Comment.
- Given that the respondent is a husband, what is the probability that he feels he is better at getting deals than his wife?
- Given that the respondent is a wife, what is the probability that she feels she is better at getting deals than her husband?
- Given a response “My spouse” is better at getting deals, what is the probability that the response came from a husband?
- 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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