I AM A JOURNALING FIEND TRULY
Hello I have been awake for lots of hours and this meme looks extremely amusing. There might be a correlation here.
1. Grab the nearest book.
2. Open the book to page 123.
3. Find the fifth sentence.
4. Post the text of the next 4-7 sentences on your LJ along with these instructions.
5. Don't you dare dig for that "cool" or "intellectual" book in your closet! I know you were thinking about it! Just pick up whatever is closest (unless it's too troublesome to reach and is really heavy. Then go back to step 1).
6. Tag five people.
"4. The value of the test statistic is
t = b2 / se(b2) = -7.908 / 1.096 = -7.215
The corresponding p-value is P(t(72) < -7.215) = 0.000
5. Since -7.215 < -1.666 , we reject H0 : β2 ≥ 0 and conclude that H1 : β2 < 0 (demand is elastic) is more compatible with the data. The sample evidence supports the proposition that a reduction in price will bring about an increase in sales revenue. Since 0.000 < 0.005 , the same conclusion is reached using the p-value.
Note the similarities and the differences between this test and the two-tail test of significance performed in section 5.5.1. The calculated t-values are the same, but the critical t-values are different. Not only are the values themselves different, with a two-tail test there are two critical values, one from each side of the distribution."
The fact that the closest book at hand when I read this meme on Gale's journal was genuinely my Econometrics textbook did not figure into this amusingness at all, of course.
Nope.
And before you go accusing me of anything the second-closest book was a book on industrial organization. So. HA.
/wanders off to faceplant into a pillow
1. Grab the nearest book.
2. Open the book to page 123.
3. Find the fifth sentence.
4. Post the text of the next 4-7 sentences on your LJ along with these instructions.
5. Don't you dare dig for that "cool" or "intellectual" book in your closet! I know you were thinking about it! Just pick up whatever is closest (unless it's too troublesome to reach and is really heavy. Then go back to step 1).
6. Tag five people.
"4. The value of the test statistic is
t = b2 / se(b2) = -7.908 / 1.096 = -7.215
The corresponding p-value is P(t(72) < -7.215) = 0.000
5. Since -7.215 < -1.666 , we reject H0 : β2 ≥ 0 and conclude that H1 : β2 < 0 (demand is elastic) is more compatible with the data. The sample evidence supports the proposition that a reduction in price will bring about an increase in sales revenue. Since 0.000 < 0.005 , the same conclusion is reached using the p-value.
Note the similarities and the differences between this test and the two-tail test of significance performed in section 5.5.1. The calculated t-values are the same, but the critical t-values are different. Not only are the values themselves different, with a two-tail test there are two critical values, one from each side of the distribution."
The fact that the closest book at hand when I read this meme on Gale's journal was genuinely my Econometrics textbook did not figure into this amusingness at all, of course.
Nope.
And before you go accusing me of anything the second-closest book was a book on industrial organization. So. HA.
/wanders off to faceplant into a pillow