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Understanding Probability: Concepts and Examples

Probability is a numerical measure representing the likelihood of an event occurring, expressed as a number between 0 and 1. Events are sets of outcomes from experiments, and the probability of an event happening is calculated by the number of favorable outcomes divided by the total possible outcomes. There are different types of events like mutually exclusive, non-mutually exclusive, independent, and dependent events. Probability laws include the Addition Law (OR Rule) and Multiplication Law (AND rule) for calculating probabilities of different types of events.

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Understanding Probability: Concepts and Examples

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