I have this sample of 8 values of a population 475 478 490 5

I have this sample of 8 values of a population:

475, 478, 490, 510, 503, 465, 480, 496

...*The p-value of the contrast is 0.02429. What the p-value means?, which would be the contrast conclusion? why?, for which significance levels would you acept the null hypothesis?

Solution

The P value is the extreme probability for which the null hypothesis is true.

For alpha = 0.05 as p value = 0.02429 < 0.05

We reject the hypothesis and conclude that the true mean isnot 500.

For alpha values less than0.02 we can accept the null hypothesis.