QUESTION 3 A consumer's spending is widely believed to be a function of their income. To estimate this relationship, a u

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QUESTION 3
A consumer's spending is widely believed to be a function of
their income. To estimate this relationship, a university professor
randomly selected 19 of his students and collected information on
their spending (Y, in dollars) and income (X, in dollars) patterns
in week 6 of the semester. Assuming a linear relationship between Y
and X, the professor used the least-squares method and found that
the Y intercept = 20.90 and the slope = 0.66. The professor also
found that the standard error of the slope was 0.08. Based on this
information, what conclusion should you reached at the 5% level of
significance when testing the null hypothesis that there is no
linear relationship between the two variables, X and Y?
There is sufficient evidence at
the 5% level of significance to conclude
that there is no significant
linear relationship between X and Y.
There is sufficient evidence at the 5% level of significance to
conclude that there is a significant linear relationship between X
and Y.
There is sufficient evidence at
the 5% level of significance to conclude
that there is a significant
linear relationship between the Y intercept and the
slope.
There is insufficient evidence at
the 5% level of significance to conclude
that there is a significant
linear relationship between X and Y.