Question: QUESTION 2 The following joint probability table shows the information for a sample of 200 companies with one variable indicating the industry and the other

QUESTION 2

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)

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