Types of Probabilities: Classical, Empirical, and Subjective

Types of Probabilities
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Types of Probabilities
Probability is the likelihood that an event will happen, such as the likelihood of rolling a five with a die or the probability of rain falling on a given day. There are three main types of probability: classical probability, empirical probability, and subjective probability.
Classical or theoretical probability is used when each outcome in a sample has an equal chance of occurring (Pishro-Nik, 2014). An example of classical probability is the likelihood of drawing a red marble in a jar that contains 50 red marbles, 60 blue marbles, and 30 yellow marbles. Other examples of theoretical probability are the possibility of rolling a five when tossing a balanced die (1/6) or choosing a particular card from a standard deck (1/52). The classical probability for an event E occurring is given by:
P (E) = Numbe...