Determine the standard error of the estimated slope coefficient for the price of

Question

Determine the standard error of the estimated slope coefficient for the price of roses (point F) and whether that estimated slope coefficient is statistically significant at the 5 percent level.

SUMMARY OUTPUT Regression Statistics 0.971 Multiple R R-Square Adjusted R-Square 30.462 Standard Error 51 Observations ANOVA Significance MS df SS 9.89E-31 C 747851.57 373925.79 402.98 Regression Residual 927.91 48 Total 50 792391.11 Standard t Stat P-value Lower 95 Upper 95% Coefficients Error Intercept 62.13 1539.66 1789.51 26.79 1.60E-30 16.16 -6.68 Price of Roses 1.41 1.64E-01 2.81 Disposable Income G 1.23E-31 9.04 9.73 0.34 10.42 (M2

Explanation / Answer

The standard error of estimated slope coefficient for the Price of Roses

-6.68/-1.41 = 4.74

Answer: SE = 4.74

The p-value is 0.164 which is more than .05 (level of significance); we fail to reject the null hypothesis. This coefficient is not statistically significant at 5% level of significance.

Answer: Not Statistically Significant

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