12th Edition

ISBN: 8220100460463

Author: Anderson

Publisher: CENGAGE L

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It simply refers to the likelihood of an event taking place whenever the occurrence of an event is uncertain. The probability of a single event can be calculated by dividing the number of successful trials of that event by the total number of trials.

Expected Value

When a large number of trials are performed for any random variable ‘X’, the predicted result is most likely the mean of all the outcomes for the random variable and it is known as expected value also known as expectation. The expected value, also known …

Probability Distributions

Understanding probability is necessary to know the probability distributions. In statistics, probability is how the uncertainty of an event is measured. This event can be anything. The most common examples include tossing a coin, rolling a die, or choosi…

Basic Probability

The simple definition of probability it is a chance of the occurrence of an event. It is defined in numerical form and the probability value is between 0 to 1. The probability value 0 indicates that there is no chance of that event occurring and the prob…

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Textbook Question

Chapter 4, Problem 51SE

The following crosstabulation shows household income by educational level of the head of household (Statistical Abstract of the United States, 2008).

	Household Income ($1000s)
Education Level	Under 25	25.0–49.9	50.0–47.9	75.0–99.9	100 or more	Total
Not H.S. Graduate	4207	3459	1389	539	367	9961
H.S. Graduate	4917	6850	5027	2637	2668	22,099
Some College	2807	5258	4678	3250	4074	20,067
Bachelor’s Degree	885	2094	2848	2581	5379	13,787
Beyond Bach. Deg.	290	829	1274	1241	4188	7822
Total	13,106	18,490	15,216	10,248	16,676	73,736

a. Develop a joint probability table.
b. What is the probability of a head of household not being a high school graduate?
c. What is the probability of a head of household having a bachelor’s degree or more education?
d. What is the probability of a household headed by someone with a bachelor’s degree earning $100,000 or more?
e. What is the probability of a household having income below $25,000?
f. What is the probability of a household headed by someone with a bachelor’s degree earning less than $25,000?
g. Is household income independent of educational level?

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Chapter 4, Problem 50SE

Chapter 4, Problem 52SE

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Chapter 4 Solutions

EBK STATISTICS FOR BUSINESS & ECONOMICS

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Solution Summary: The author constructs a joint probability table for the data. The table provides information about different levels of education and household income and corresponding frequencies.

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