Concept explainers
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?"
a. Develop a joint
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?
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Chapter 4 Solutions
Essentials of Modern Business Statistics with Microsoft Office Excel (Book Only)
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