What are the steps of hypothesis testing?
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- State the hypotheses: Formulate H0H_0H0 and HaH_aHa.
- Choose a significance level (α\alphaα): Decide the threshold for rejecting H0H_0H0.
- Select the test statistic: Based on the data and type of hypothesis test.
- Calculate the p-value: Or compare the test statistic to the critical value.
- Draw a conclusion: Reject or fail to reject H0H_0H0 based on the p-value and α\alphaα.