Subjective Probability: How it Works, and Examples

SOLVED: 12. Classify each statement as an example of classical probability empirical probability; or subjective probability: a. The probability that a student will get a C or better in a statistics course is about 70%. b The probability that a new fast-food restaurant will be a success in Chicago is 359. The probability that interest rates will rise in the next 6 months is 0.50. d. The probability that the unemployment rate will fall next month is 0.03.

Empirical Probability - Definition, Application, and Examples - The Story of Mathematics - A History of Mathematical Thought from Ancient Times to the Modern Day