I would like to use my MacBook as a WiFi hotspot to allow other devices (specifically my Android phone) to use the Internet through it.
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Can you please add more information to your question? Things like what you have tried, settings that you have looked at, and articles that you have read are useful to us. Also, please include the operating system that you are using. – Cfinley May 6 '15 at 18:38
System Preferences > Sharing > Internet Sharing.
Share your connection from: [Ethernet]
To computers using: [√] Wi-Fi
Then hit the "Wi-Fi Options…" button and set a network name, channel, security type, and password.