Statistical significanceYour mayor just announced that the local unemployment rate dropped last month from the priormonth. It went from 10.5% to 10.4%. Is this a significant drop? Explain.Many of you are still focused on PRACTICAL significance. The intent of the question, in conjunctionwith this week's text reading, is to determine if this is STATISTICALLY significant. You have to solvefor zSTAT, as noted below and in your text. If you solve for this, is the drop STATISTICALLYsignficant or not?n=1P = 10.4 % or 0.104 = 0.001Answer:We need to prove that the mayor announcement that ...
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