EC255 Lecture Notes - Lecture 2: Marginal Distribution, Collectively Exhaustive Events, Mutual Exclusivity
Document Summary
Much statistical analysis is inferential, and probability is the basis for inferential statistics. This method involves an experiment, which is a process that produces outcomes, and an event, which is an outcome of an experiment. The probability of the event occurring is equal to the number of times the event has occurred in the past divided by the total number of opportunities for the event to have occurred. Based on the feelings or insights of the person determining the probability. The experiment defines the possibilities of the event. Events that cannot be decomposed or broken down into other events. In the experiment of rolling a die, there are six elementary events. A complete roster or listing of all elementary events for an experiment. The sample space for the roll of a single die is {1, 2, 3, 4, 5, 6}
