Conditional probability is the likelihood of an event occurring given that another event has already occurred. It measures the probability of one event happening, taking into account the occurrence of a different event.
Imagine you have two bags of marbles - one bag contains red marbles and blue marbles, while the other bag contains only blue marbles. The conditional probability would be the chance of picking a red marble from the first bag, knowing that you have already picked a blue marble from the second bag.
Joint Probability: The probability of two events happening together.
Marginal Probability: The probability of a single event occurring without considering any other events.
Bayes' Theorem: A formula used to calculate conditional probabilities by incorporating prior knowledge or information.
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