In todays class we discussed about the Breusch-Pagan test for hetroscedasticity and p-value
p-value : A statistical measure called the p-value aids researchers in determining how strong the evidence is in opposition to a study’s null hypothesis. It measures the likelihood that the data or more severe outcomes would be observed if the null hypothesis were correct. A low p-value, usually less than 0.05, indicates that the observed data is not likely to support the null hypothesis, which leads to the alternative being accepted in place of the null hypothesis. On the other hand, a high p-value suggests that there is not enough evidence to reject the null hypothesis and that the observed data is likely to occur even if it is true. In hypothesis testing, the p-value essentially helps in assessing the importance of results and formulating conclusions.