Answer:
From standard tables, the p-value for a test statistic of z* = -1.63 is 0.0516.
This p-value is for a one-tailed test (the shaded left portion) of the curve shown in the figure below.
For a two-tailed test, the p-value = 2*0.0516 = 0.1031.
Explanation:
The p-value is used to test a claim made in a null hypothesis.
If the p-value is small (< 0.05) the claim made in the null hypothesis is rejected as being unlikely.
If the p-value is large (> 0.05), the evidence against the claim is weak, and the conclusion is to fail to reject the hypothesis.
If the p-value is equal to the cutoff (say, 0.05), it s uncertain to draw a conclusion.
