Classify the following probability estimates as classical, relative frequency, or subjective, give your justification for the same

Joni Kenny

Joni Kenny

Answered question

2021-09-22

Classify the following probability estimates as classical, relative frequency, or subjective, give your justification for the same: (a) The probability the Cubs will win the World Series this year is 0.175. (b) The probability tuition will increase next year is 0.95. (c) The probability that you will win the lottery is 0.00062.

Answer & Explanation

Velsenw

Velsenw

Skilled2021-09-23Added 91 answers

a) The probability the Cubs will win the World Series this year is 0.175 is a Subjective probability because it is just a statement, not based on data or random experiment.
(b) The probability of tuition will increase next year is 0.95 is the relative probability because it is comparison of tuition fee between two consecutive years.
(c) The probability that you will win the lottery is 0.00062 is a subjective probability because it is just a statement, not based on data or random experiment.

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