Theoretical probability refers to the likelihood of an event occurring based on the possible outcomes in a perfectly ideal situation, without any empirical testing or experimentation. This type of probability is calculated using the formula: $$P(E) = \frac{n(E)}{n(S)}$$, where $$n(E)$$ is the number of favorable outcomes and $$n(S)$$ is the total number of outcomes in the sample space. It lays the groundwork for understanding how to quantify uncertainty and informs many fundamental concepts, such as events, sample spaces, and outcomes.
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