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Empirical and Theoretical probability

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1)How well we understand the difference between empirical and theoretical probability is an important part of our ability to apply probability to a real world set of data. What is the difference between empirical and theoretical probability? Give two to three examples of professions where probability could be used. Explain your answer.

Please answer plainly and completely.

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Solution Summary

The difference between empirical and theoretical probability is explained and illustrated with real-world examples.

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Empirical probability is an estimate based on (a possibly a large number of) observations. We can express this probability by the formula

the # of times event E occurs
P(E) = --------------------------------------------
total # of observed occurrences

Theoretical ...

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