Asked Feb 4, 2019

What is p value ?


Expert Answer

Step 1

The​ P-value is the probability of observing difference in the sample statistic this high or higher if the null hypothesis is true.

Step 2

Let's take an example. Suppose we want to test, the average value that customers will pay for my product is larger than $5.

So null and alternative hypotheses should be:

Step 3

I selected a random sample of 35 customers, and calculated the sample mean = $5.2, standard deviati...

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