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This lesson is a part of the course Probability Concepts
Bayes’ Theorem formula, also known as Bayes’ Law, or Bayes’ Rule, is an intuitive idea. We adjust our perspective (the probability set) given new, relevant information. Formally, Bayes’ Theorem helps us move from an unconditional probability (what are the odds the economy will grow?) to a conditional probability (given new evidence, what are the odds the economy will grow?)
