WebNow, $\beta_1$ of the simple model is still significant at 1%, but it is significant at 5% only … Webwants to minimize P and doesn't care about a-a significant level of 5 percent is obviously wrong! In fact, he should always choose HA and plant variety 1. Suppose that the decision maker is the head of a seed company and that development costs for variety 1, a new variety, would be high. The
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Fundamentals of Statistics: Significance Level - EUPATI
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