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 1010 married adults age 25 and older with household incomes of S50,000 or more (Money Magazine website, December 14, 2014). Consider the follow more ing example set of responses to the question, "Who is better at getting deals?" a. Develop a joint probability table and use it to answer the following questions. 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? 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?

Explanation / Answer

a)

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b) The marginal probabilities for Who is Better is shown below:

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c) P(I am | Husband) = P(I am and Husband)/P(Husband) = 0.2752/0.50198 = 0.548

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d) P(I am | Wife) = P(I am and Wife)/P(Wife) = 0.2871/0.49802 = 0.577

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e) P(Husband | My spouse) = P(Husband and My spouse)/P(My spouse) = 0.1257/0.2356 = 0.534

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f) P(Husband | We are Equal) = P(Husband and We are Equal)/P(We are Equal) = 0.1010/0.2020 = 0.5

Respondent I Am My Spouse We are Equal Total Husband 278 127 102 507 Wife 290 111 102 503 Total 568 238 204 1010 To find joint probabilities, divide each frequency by 1010: The joint probability table is shown below: 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 Total 0.56238 0.2356 0.20198 1

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