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 $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 Total Husband Wife Total

Explanation / Answer

B. Respondent is husband, so the total observation is 505

200 / 505 = 0.39

C. Respondent is Wife, so the total observation is 505

300 / 505 = 0.59

Respondent I am My Spouse We are Equal Total Husband 200 225 80 505 WIfe 300 75 130 505 Total 500 300 210 1010

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