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Social ScienceWhat is p value ?
Expert Answer
The P-value is the probability of observing difference in the sample statistic this high or higher if the null hypothesis is true.
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:
I selected a random sample of 35 customers, and calculated the sample mean = $5.2, standard deviati...
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