1. The relative probabilities of these hypotheses can be calculated using their lengths (assuming 50% probability each bit goes either way, probability of a given hypothesis = $(\frac{1}{2})^n$ where $n$ is the number of bits in the hypothesis, this result is not normalized, but can be compared relatively with other hypotheses). This is the Solomonoff formalization of Occam’s Razor (i.e. Kolmogorov complexity).