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An economist is interested to see how consumption for an economy (in $ billions) is influenced by gross domestic product (GDP) in $ billions and
An economist is interested to see how consumption for an economy (in $ billions) is influenced by gross domestic product (GDP) in $ billions and consumer price index (Price). The Microsoft Excel output of this regression is partially reproduced below. Regression Statistics Multiple R 0.991 R Square 0.982 Adj. R Square 0.976 Std. Error 0.299 Observations 10 ANOVA df SS MS F Significance F Regression 33.4163 16.7082 186.325 0.0002 Residual 0.6277 0.0897 Total 34.0440 Coefficients StdError t Stat P-Value Intercept -1.6335 0.5674 -0.152 0.8837 GDP 0.7654 0.0574 13.340 0.0001 Price -0.0006 0.0028 -0.219 0.8330 We want to test whether the consumer price index makes a contribution to the regression model. What is the p-value for the test? Answer: (Please provide your answer to 4 decimal places). Check
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