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#reading-9-probability-concepts

The two defining properties of a probability are, first, that 0 ≤ *P*(*E*) ≤ 1 (where *P*(*E*) denotes the probability of an event *E*), and second, that the sum of the probabilities of any set of mutually exclusive and exhaustive events equals 1.

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**Summary **

event will occur. An event is a specified set of outcomes of a random variable. Mutually exclusive events can occur only one at a time. Exhaustive events cover or contain all possible outcomes. <span>The two defining properties of a probability are, first, that 0 ≤ P(E) ≤ 1 (where P(E) denotes the probability of an event E), and second, that the sum of the probabilities of any set of mutually exclusive and exhaustive events equals 1. A probability estimated from data as a relative frequency of occurrence is an empirical probability. A probability drawing on personal or subjective judgment is a subjec

event will occur. An event is a specified set of outcomes of a random variable. Mutually exclusive events can occur only one at a time. Exhaustive events cover or contain all possible outcomes. <span>The two defining properties of a probability are, first, that 0 ≤ P(E) ≤ 1 (where P(E) denotes the probability of an event E), and second, that the sum of the probabilities of any set of mutually exclusive and exhaustive events equals 1. A probability estimated from data as a relative frequency of occurrence is an empirical probability. A probability drawing on personal or subjective judgment is a subjec

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