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. 2. Let Y1,Y2,...,Yn be i.i.d. draws from a distribution of mean µ. A test of...

. 2. Let Y1,Y2,...,Yn be i.i.d. draws from a distribution of mean µ.

A test of H0 : µ ≥ 5 versus H1 : µ < 5

using the usual t-statistic yields a p-value of 0.03.

a. Can we reject the null at 5% significance level (or α = 0.05)? Explain?

b. How about at 1% significance level (or α = 0.01)? Explain? [Draw a figure to explain, if helpful.]

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