## Related questions with answers

Better at Getting Deals. To better understand how husbands and wives feel about their finances, Money magazine conducted a national poll of 1,010 married adults age 25 and older with household incomes of $\$ 50,000$ or more (Money website). Consider the following example set of responses to the question, "Who is better at getting deals?"

$\begin{aligned} &\text { Who Is Better? }\\ &\begin{array}{lccc} \text { Respondent } & \text { I Am } & \text { My Spouse } & \text { We Are Equal } \\ \text { Husband } & 278 & 127 & 102 \\ \text { Wife } & 290 & 111 & 102 \end{array} \end{aligned}$

a. Develop a joint probability table and use it to answer the following questions.

Solution

VerifiedIn this item, we are to make a joint probability table for the given data.

To do so, we simply divide all of the values in the table of the data by the overall total number of respondents and report them as decimals.

We can then identify that the overall total number of respondents is $1010$. This number is located at the lower rightmost corner of the table, representing the overall total of respondents. Hence we divide all the values by $1010$.

We can then denote from the data the following events.

- $H$: Event a respondent is a husband.
- $W$: Event a respondent is a wife.
- $I$: Event a respondent answers "I am".
- $S$: Event a respondent answers "My Spouse".
- $E$: Event a respondent answers "We are equal".

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