Final answer:
Theoretical probability is calculated by dividing the number of favorable outcomes by the number of known outcomes.
Step-by-step explanation:
Theoretical probability is calculated by dividing the number of favorable outcomes by the number of known outcomes. It represents the likelihood of an event happening based on logic and reasoning, rather than actual experiments or observations.
For example, if you want to calculate the probability of getting a head when flipping a fair coin, there is only 1 favorable outcome (getting a head) out of 2 known outcomes (getting a head or a tail). So, the theoretical probability would be 1/2 = 0.5 or 50%.
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