HEREDITY
BASICS OF PROBABILITY
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Classical
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Empirical
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Subjective
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Detailed explanation-1: -Classical probability refers to a probability that is based on formal reasoning. For example, the classical probability of getting a head in a coin toss is 50%. Subjective probability is the only type of probability that incorporates personal beliefs. Empirical and classical probabilities are objective probabilities.
Detailed explanation-2: -The typical example of classical probability would be a fair dice roll because it is equally probable that you will land on any of the 6 numbers on the die: 1, 2, 3, 4, 5, or 6. Another example of classical probability would be a coin toss.
Detailed explanation-3: -However, subjective probability does not base its probability on quantitative information, is affected by personal beliefs, and contains no formal calculations. For example, an individual who believes that there is a 70% chance that the S&P 500 will increase tomorrow is using subjective probability.
Detailed explanation-4: -Classical: Every option has an equal chance to occur. For example, a coin can either land on heads or tails 50 percent of the time. Empirical: Based on a controlled environment, evidence will indicate the correct probability of an action.