To better understand how husbands and wives feel about their finances, Money Mag

Question

To better understand how husbands and wives feel about their finances, Money Magazine conducted a national poll of  married adults age  and older with household incomes of  or more (Money Magazine website, December , ). Consider the following example set of responses to the question, “Who is better at getting deals?”

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? (to  decimals)

The probability of "I Am" The probability of "My Spouse" The probability of "We Are Equal"

Explanation / Answer

Total number of people surveyed from each group-

Husband: 278+127+102 = 507

Wife: 290+111+102 = 503

c) Given that respondent is a husband-

P(I am/Husband) = P(I am Husband)/ P(Husband)

= 278/507 = 0.5483

b) Marginal Probability Table-

Let me know if you need anything else, if not please don't forget to like the answer :)

I am Spouse Both Husband 0.28 0.13 0.10 Wife 0.29 0.11 0.10 Marginal Probability 0.56 0.24 0.20

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