Discussion Question

1- Please explain the p-value, type I Error, and type II Error.

2- Why does the significance level differ among industries? Is the null hypothesis more likely to be rejected at Alpha = 0.01 than Alpha = 0.10? As the significance level increases to Alpha = 0.10 from Alpha = 0.01, which type error is more likely to occur? What may be done to reduce the likelihood of incurring this error?