A p-value of .07 means that the results are statistically significant at the 0.05 level. Assume that a new product is placed in a sample of stores.The sample mean for units sold is 35 units.We test the hypothesis that the population mean is only 20.

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Quizplus · Accepted Answer

A p-value of .07 means that there is a 7% chance of obtaining a sample mean of 35 units or more, assuming the population mean is actually 20. This is not considered statistically significant at the 0.05 level since the p-value is greater than 0.05. Therefore, we cannot reject the hypothesis that the population mean is 20 based on this test result.

A P-Value of