Question

Select a probability that you rely on all the time that relates to empirical and subjective probability and explain

Answer 1

(i)

A probability that we rely on all the time that relates to empirical probability :

The likelihood that the ent will happen based on the results of the data collected.

Suppose we toss a con 100 times and get 48 Heads.

Then,

Empirical Probability of Heads = 48/100 = 0.48

(ii)

A probability that we rely on all the time that relates to subjective probability:

An individual's personal judgement or own experience about whether a specific outcome is likely to occur.

We predict the probability of rain today is 0.25 based on our personal judgement or own experience. There is no mathematical proof behind the answer.