The U.S. Census Bureau serves as the leading source of quantitative data about t

Question

The U.S. Census Bureau serves as the leading source of quantitative data about the nation's people and economy. The following crosstabulation shows the number of households (1000s) and the household income by the highest level of education for the head of household (U.S. Census Bureau website, 2013). Only households in which the head has a high school diploma or more are included. Household Income $100,000 and Over Highest Level of Education High School graduate Bachelor's degree Master's degree Doctoral degree Under $25,000 to $50,000 to $25,000 $49,999 9970 4164 1205 160 15,499 $99,999 9441 7666 3019 422 20,548 Total 32,773 22,131 9880 2484 685 79 13,128 3482 7817 4094 1076 16,469 9003 1737 Total Round your answers to four decimal places. a. Develop a joint probability table 65,644 Household Income Level of Education High School graduate Bachelor's degree Master's degree Doctoral degree Under $25,000 $25,000 to $49,999 $50,000 to $99,999 $100,000 and over Total 0.3015 0.1062 0.3042 0.2881 1.0000 0.1122 0.1882 0.3464 0.3532 1.0000 0.0761 0.1338 0.3353 0.4547 1.0000 00453 3 00903420 0.0921 0.2429 0.6195 1.0000 Total 0.5353 0.7183 1.2127 1.5336 1.0000 b. What is the probability of a head of one of these households having a master's degree or more education? Master's Degree or more education) 0.8383

Explanation / Answer

a)

9880/65644

= 0.1505

b) P(masters or more) = 0.1371+0.0265

= 0.1636

Under $25000 $25000-$49999 $50000-$99999 $100,000 and over Total High school graduate

9880/65644

= 0.1505

0.1518 0.1438 0.0530 0.4993 Bachelor's degree 0.0378 0.0634 0.1168 0.1191 0.3371 Master's degree 0.0104 0.0184 0.0460 0.0624 0.1371 Doctoral degree 0.0012 0.0024 0.0064 0.0164 0.0265 Total 0.2000 0.2361 0.3130 0.2509 1.0000

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