Question

Using Module 7 Excel Assignment regression data set: the p-value of income per household is significant at the:

a. 0.9223 level

b. 1% level

c. 25%

d. 100%

Quantity Demanded of Heating Oil	Income Per Household	Price of Heating Oil
7.1	9	50
5.7	9	50
10.3	10	50
11.8	10	50
11.9	11	50
13.9	11	50
5.7	11	60
6.6	11	60
11.5	12	60
12.6	12	60
16.8	13	60
14.4	13	60
13.2	13	70
9.7	13	70
16	14	70
9.3	14	70
19	15	70
21.5	15	70
11.3	15	80
15.6	15	80
15.6	16	80
15.8	16	80
21.7	17	80
20.9	17	80

Answer 1

using excel>data>data analysis>Regression

we have

SUMMARY OUTPUT
Regression Statistics
Multiple R	0.975675
R Square	0.951942
Adjusted R Square	0.947365
Standard Error	2.620204
Observations	24
ANOVA
	df	SS	MS	F	Significance F
Regression	2	2855.825	1427.913	207.9847	1.44E-14
Residual	21	144.1749	6.865471
Total	23	3000
	Coefficients	Standard Error	t Stat	P-value	Lower 95%	Upper 95%
Intercept	0.972709	3.206616	0.303344	0.764612	-5.69581	7.641232
Quantity Demanded of Heating Oi	-1.02189	0.185315	-5.51436	1.8E-05	-1.40727	-0.63651
Income Per Household	5.966391	0.360503	16.5502	1.59E-13	5.216685	6.716098

the p-value of income per household is 0.0000 which is less than 0.01

so the p-value of income per household is significant at the 1% level