A national organization that conducts research on the cost and quality of health care in the U.S. reported that, in 2012, U.S. families spent an average of $9,590 on health care expenses. Suppose you decide to test whether the average in 2015 is greater than the average in 2012. After conducting the appropriate statistical test, you find a P-value of 0.022. If the level of significance is 0.05, which of the following is the best interpretation of the P-value? a. The P-value of 0.022 indicates that there is a 2.2% chance that the 2015 average is greater than the average amount spent in 2012. b. The P-value of 0.022 provides weak evidence that the average in 2015 average is greater than the average amount spent in 2012. c. The P-value of 0.022 provides strong evidence that the 2015 average is greater than the average amount spent in 2012. d. The P-value of 0.022 indicates that there is a very low probability that the 2015 average is different than average amount spent in 2012.
A national organization that conducts research on the cost and quality of health care in the U.S. reported that, in 2012, U.S. families spent an average of $9,590 on health care expenses. Suppose you decide to test whether
the average in 2015 is greater than the average in 2012. After conducting the appropriate statistical test, you find a P-value of 0.022. If the level of significance is 0.05, which of the following is the best interpretation of the P-value?
a. The P-value of 0.022 indicates that there is a 2.2% chance that the 2015 average is greater than the average amount spent in 2012.
b. The P-value of 0.022 provides weak evidence that the average in 2015 average is greater than the average amount spent in 2012.
c. The P-value of 0.022 provides strong evidence that the 2015 average is greater than the average amount spent in 2012.
d. The P-value of 0.022 indicates that there is a very low probability that the 2015 average is different than average amount spent in 2012.
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