PROBABILITY & IT's RULE| UGCNETECONOMICS|

In this class we will discuss about PROBABILITY AND IT's RULE.
Probability is the numerical measure of an event's likelihood, expressed as a number between 0 (impossible) and 1 (certain). Key rules include the Complement Rule (P(not A) = 1 - P(A)), which finds the probability of an event not happening; the Addition Rule (P(A or B) = P(A) + P(B) - P(A and B)), used for the probability of either A or B occurring; and the Multiplication Rule (P(A and B) = P(A) * P(B|A)), used to find the probability of both A and B occurring.
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