Question: Explaining the concepts a) Explain what a p-value is. What is the criterion for rejecting the null hypothesis using the p-value approach? b) Explain what

Explaining the concepts

a) Explain what a p-value is. What is the criterion for rejecting the null hypothesis using the p-value approach?

b) Explain what statistical significance means. How is this different from practical significance?

c) Suppose we are testing the hypothesis Ho: p = 0.65 versus H1: p > 0.65 and we find the p-value to be 0.02. Explain what this means. Would you reject the null hypothesis? Why?

Thank you!

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