Question: How do you determine the level of significance or p-value you will use for a particular problem? (Why would you set the significance at, say

How do you determine the level of significance or p-value you will use for a particular problem? (Why would you set the significance at, say .05 as opposed to .001?) Why might the level of significance you might use be substantially different for different problems? Give examples.

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Level of significance is the amount of Type 1 error you are allowing for a hypothesis being testes T... View full answer

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