In order to determine the p-value, which of the following is needed? O The level of significance. O The value of the test statistic. O Probability of Type I error O z-critical

If you change Alpha from 5% to a lower value, O Level of Significance will decrease O you become more aggressive O z-stat will get higher O p-value will become lower

Laura Smith is not too comfortable with a level of significance of 4% for the new business venture she wants to get into. "It is too high as we are spending almost a million dollars", she says. "What is my downside risk if I become a bit conservative and set Alpha = 1%" she asks you. What will be your response? O Ms. Laura, you have to take risks in life. O Ms. Laura, you will be lowering the chances of starting your business. O Your p-value will get high. O The Type I error will get lower.