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The distribution of professional baseball player salaries has a mean of $3.2 million. An analyst believes that the mean salary for teams on the East Coast is different. The analyst randomly selects 50 baseball players from teams on the East Coast and records their annual salaries. The mean salary for the players in the sample is $3.9 million with a standard deviation of $2.1 million. A significance test at an alpha level a = 0.05 of produces a P-value of 0.02. What is the correct interpretation of the P-value?

The distribution of professional baseball player salaries has a mean of $3.2 million. An analyst believes that the mean salary for teams on the East Coast is different. The analyst randomly selects 50 baseball players from teams on the East Coast and records their annual salaries. The mean salary for the players in the sample is $3.9 million with a standard deviation of $2.1 million. A significance test at an alpha level a = 0.05 of produces a P-value of 0.02. What is the correct interpretation of the P-value?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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The distribution of professional baseball player salaries has a mean of $3.2 million. An analyst believes that the mean salary for teams on the East Coast is different. The analyst randomly selects 50 baseball players from teams on the East Coast and records their annual salaries. The mean salary for the players in the sample is $3.9 million with a standard deviation of $2.1 million. A significance test at an alpha level a = 0.05 of produces a P-value of 0.02. What is the corect interpretation of the P-value? O Assuming the true mean salary is $3.2 million, there is a 2% probability that the null hypothesis is true by chance alone. O Assuming the true mean salary is $3.2 million, there is a 2% probability of getting a sample mean of $3.9 million by chance alone. O Assuming the true mean salary is $3.2 million, there is a 2% probability of getting a sample mean at least as extreme as $3.9 million by chance alone. O Assuming the true mean salary is $3.2 million, there is a 98% probability that a sample mean of $3.9 million or one more extreme will occur by chance alone.
Transcribed Image Text:The distribution of professional baseball player salaries has a mean of $3.2 million. An analyst believes that the mean salary for teams on the East Coast is different. The analyst randomly selects 50 baseball players from teams on the East Coast and records their annual salaries. The mean salary for the players in the sample is $3.9 million with a standard deviation of $2.1 million. A significance test at an alpha level a = 0.05 of produces a P-value of 0.02. What is the corect interpretation of the P-value? O Assuming the true mean salary is $3.2 million, there is a 2% probability that the null hypothesis is true by chance alone. O Assuming the true mean salary is $3.2 million, there is a 2% probability of getting a sample mean of $3.9 million by chance alone. O Assuming the true mean salary is $3.2 million, there is a 2% probability of getting a sample mean at least as extreme as $3.9 million by chance alone. O Assuming the true mean salary is $3.2 million, there is a 98% probability that a sample mean of $3.9 million or one more extreme will occur by chance alone.
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