Question

The following joint probability table shows the information for a sample of 200 companies
with one variable indicating the industry and the other variable indicating the sector in
which a company is operating:
Sector
Industry
Retail Financial
Formal 0.03 0.24
Informal 0.17 0.56
a) If it is known that a company is in the financial industry, what is the probability that
it operates in the informal sector? (3)
b) If it is known that a company is not in the financial industry, what is the probability
that it operates in the informal sector? (4)
c) What conclusion can be drawn by comparing the answers in a) and b)

Answer 1

Answer:

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