Question

please explain
1.level of significance
2. p-value
in lay man terms thx=)

Answer 1

http://en.wikipedia.org/wiki/P-value

I sort of understood it even I know nothing at all about it...:-)

Answer 2

good

Answer 3

can you guys check my understanding?
say i have to check the weight of a packet of potato chips. say my claim is 50g. but i want to test whether it is less than 50g. so i have this level of significance, say 2%. ie if there are more than 2% of the mass of potato chips less than 50g, i reject my null hypothesis. so here i go calculating the p value. and if my p value obtained is 0.01, it is less than the 2% so can i say that hey, i do not reject the null hypothesis since there is less than 2% that is less than 50g--> do not reject null hypothesis. this is my understanding of these two terms. i think i am wrong so correct me because from what i learnt, if pvalue < level of significance, we reject null hypothesis.which doesn't make sense to me. so maybe my understanding of p value and level of significance is wrong..