Question: 1. Here are two very different queries about probability: a. If you flip a coin and do it fairly, what is the probability that it

1. Here are two very different queries about probability:

a. If you flip a coin and do it fairly, what is the probability that it will land heads up?

b. What is the probability that you will eventually own a home; that is, how likely do you think it is? (If you already own a home, what is the probability that you will own a different home within the next 5 years?)

For which question was it easier to provide a precise answer? Why?

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