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. A sample survey chooses a sample of households and measures their annual income and their savings. Some events of interest are
A = the household chosen has income at least $100,000
C = the household chosen has at least $50,000 in savings
Based on this sample survey, we estimate that P(A) = 0.13 and P(C) = 0.25.
(a) We want to find the probability that a household has either income at least $100,000 or savings at least $50,000. Explain
why we do not have enough information to find this probability. What additional information is needed?
(b) We want to find the probability that a household has income at least $100,000 and savings at least $50,000. Explain why we
do not have enough information to find this probability. What additional information is needed?
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