Question

Explain the difference between statistical significance and economic significance. Give an example from the chapter where a variable is statistically significant but not economically significant.

Answer #1

What is statistical significance? How do you know if something
is statistically significant? (up to 5 points)
Two researchers are arguing about statistical findings. One of
them believes that any statistically significant result is
important, irrespective of the magnitude of the association between
the independent variables and dependent variables. The other one
contends that statistical significance is meaningless if the
association is weak. Who is correct? Explain your answer. Offer a
hypothetical or real-world example to illustrate your point. (up...

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your conclusion.
Note : Question is related to lean six sigma

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