To better understand how husbands and wives feel about their finances, Money Mag
ID: 3228035 • Letter: T
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 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?” Round your answers to four decimal places, if necessary.
a. Develop a joint probability table and use it to answer the following questions.
(Fill in table)
B. Given that the respondent is a husband, what is the probability that he feels he is better at getting deals than his wife?
C. Given that the respondent is a wife, what is the probability that she feels she is better at getting deals than her husband?
Respondent I Am My Spouse We are Equal Husband 278 127 102 Wife 290 111 102Explanation / Answer
a)
b) Given that the respondent is a husband, probability that he feels he is better at getting deals than his wife
=0.2752/0.50198 =0.5483
c) Given that the respondent is a wife, probability that she feels she is better at getting deals than her husband
=0.2871/0.49802 =0.5765
Respondent I Am My Spouse We are Equal total Husband 278 127 102 507 Wife 290 111 102 503 568 238 204 1010 Respondent I Am My Spouse We are Equal total Husband 0.2752 0.1257 0.1010 0.50198 Wife 0.2871 0.1099 0.1010 0.49802 0.56238 0.2356 0.20198 1Related Questions
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