3.3 You are an executive manager for HatsforAll, a major producer of hats. You are studying a preliminary report submitted by a research firm you hired. The report includes a regression that estimates the demand for your hats. The research firm used 20 years of data on sales of your hats and included two independent variables:

the annual average price of your hats and the annual average winter temperature in your marketing areas. (The theory behind the temperature variable is that consumers are more likely to buy hats when the temperature is colder.) The estimated coefficient for the price variable is −5.8, with a standard error of 0.8, and the estimated coefficient for the temperature variable is −20.8, with a standard error of 15.6. Based on the results of survey cards included with the hats, you are confident that higher-income people buy more hats. You are writing a memo to the research firm regarding the report. What additional information will you request from the research firm, and what changes will you recommend it make?