Mathematics
ECON 351 Bowie State University Probablilty Quiz Questions

ECON 351

Bowie State University

ECON

Question Description

I need support with this Probability question so I can learn better.

  1. Describe the following concepts: random experiment, outcome, event, probability, and sample space.
  2. What is the difference between objective and subjective probabilities?
  3. What is the difference between relative frequency and classical approaches to the calculation of probabilities?
  4. Why are probability Law 1, Law 2, Law 3, and Law 4 important for the calculation of probabilities?
  5. What is the differences between compound event, union of events, intersection of events, and complement of an event?
  6. What is the probability Law 5 about?

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Final Answer

Here are the questions, let me know if you need any revisions.:)

1. Describe the following concepts: random experiment, outcome, event, probability, and
sample space.
A random experiment is an action or process that leads to one of many possible
outcomes, for example a random experiment can drawing a card from a deck and the
outcome is the card that is drawn. The set of ALL possible outcomes is the sample
space. In this example the sample space would be a list of the cards.
An event is a set of outcomes. In the random experiment of drawing a card from a
deck, an event could be drawing a black card or drawing an odd numbered card. Each
event has a probability assigned to it which describes the likelihood of the event
occurring.

2. What is the difference between objective and subjective probabilities?
An objective probability is a pr...

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Cornell University

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