Question: What are the differenes between p-value and significance level? What are the differenes between p-value and significance level?What are the differenes between p-value and significance

What are the differenes between p-value and significance level?

What are the differenes between p-value and significance level?What are the differenes between p-value and significance level?

2 . A bank wonders whether omitting the annual credit card fee for customers who charge at least $1 8 , 000 in a year would increase the amount charged on it's credit card . The bank makes this offer to a random sample of 50 of its existing customers . It then compares how much these customers charge this year with the amount that they charged last year . The sample mean increase is $500 and the sample standard deviation is $800 . To determine whether there is significant evidence that the mean amount charged increases under the no - free* offer , the bank performs a statistical test with Ho : the mean increase H = OVs Hy : M > O. The rejection region is * > 200 . What are the significant level a and the p- value of this test

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