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Managerial Stats

A survey of 1010 married adults about finances found: - 56.23% felt they were better at deals, 23.56% said their spouse was better, and 20.19% said they were equal. - Given a respondent was a husband, the probability he felt he was better at deals than his wife was 56.23%. - Given a respondent was a wife, the probability she felt she was better at deals than her husband was 57.65%. - Given the response was that the spouse was better, the probability it came from a husband was 53.35%. - Given the response was that they were equal, the probability it came from either a husband or wife was 50%.

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Vignesh Parthasarathy
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1K views

Managerial Stats

A survey of 1010 married adults about finances found: - 56.23% felt they were better at deals, 23.56% said their spouse was better, and 20.19% said they were equal. - Given a respondent was a husband, the probability he felt he was better at deals than his wife was 56.23%. - Given a respondent was a wife, the probability she felt she was better at deals than her husband was 57.65%. - Given the response was that the spouse was better, the probability it came from a husband was 53.35%. - Given the response was that they were equal, the probability it came from either a husband or wife was 50%.

Uploaded by

Vignesh Parthasarathy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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mANAGERIAL STATISTICS(ANT5001) HOMEWORK-2

35). 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 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?

Answers for each questions:

Respondent IAM (I) My Spouse (S) We Are Equal (E) Total


Husband (H) 278 127 102 507
Wife (W) 290 111 102 503
total 568 238 204 1010

A) Joint Probability Table :

Respondent IAM (I) My Spouse (S) We Are Equal (E) Total


Husband (H) 0.2752 0.1257 0.1010 0.502
Wife (W) 0.2871 0.1099 0.1009 0.498
total 0.5623 0.2356 0.2019 1

B)
Marginal Probability for IAM (I) = 0.5623
Marginal Probability for MY SPOUSE (S) = 0.2356
Marginal Probability for We Are Equal (E) = 0.2019
C) Given respondent of the husband, probability of that he feels he is better at getting deals
than his wife
P(I/H) = P(I ꓵ H)/P(H) = 0.2752/0.502 = 0.5623
D) Given respondent of the Wife, probability of that he feels he is better at getting deals than
her Husband
P(I/W) = P(I ꓵ W)/P(W) = 0.2871/0.498 = 0.5765
E) Given a response “my Spouse “ gets a better deal, probability of that the response came
from the Husband
P(H/S) = P(H ꓵ S)/P(S) = 0.1257/0.2356 = 0.5335
F) Given a response “we are equal” given probability of it came from husband
P(H/E) = P(H ꓵ E)/P(E) = 0.1010/0.2019 = 0.50
Given a response “we are equal” probability of it came from husband
P(W/E) = P(W ꓵ E)/P(E) = 0.1010/0.2019 = 0.50

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