ECON 351

Bowie State University

ECON

### Question Description

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

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

## 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...