6.1 In the Managerial Solution, we estimated a focus group’s demand function for iTunes downloads.

The estimated coefficient on price is -413, and the t-statistic is -12.6.

a. Using these values, what is the standard error of this estimated coefficient?

b. Suppose we had another focus group sample, ran a regression on that sample, and obtained the same coefficient on price but with a standard error 10 times as large. What can you say about the statistical significance of the price coefficient in this second sample?