Examlex
Britain must give up the production of 75 hats to produce 25 additional sweaters.The opportunity cost of producing 3 hats is _____ sweater(s) .
Two-tailed Test
A statistical hypothesis test in which the area of interest is in both tails of the probability distribution, considering both directions of an effect.
Level Of Significance
The threshold used to determine the statistical significance of an observed effect; denoted by alpha, typically set at 0.05 or 5%.
P-value
The chance of obtaining test outcomes that are as drastic as, or more drastic than, the ones actually observed, under the premise that the null hypothesis is right.
One-tailed Hypothesis Test
A specific type of statistical test that looks for evidence of an effect in one direction.
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