The demand function for JZ bicycles in Super City has been estimated to be:

Q=4,000 - 11P + 301

Below is additional information concerning this regression:

Standard Error (SE) of the intercept coefficient =700

Standard Error (SE) of the price coefficient = 0.64

Standard Error (SE) of the income coefficient = 1.40

R-square = 0.64

Adjusted R-Square = 0.61

F-Statistic = 31.402

Q is quantity demanded of JZ bicycles per year, P is the price of a JZ bicycle in dollars, and I is annual income in thousands of dollars.

Which of the two independent variables appears to be statistically significant (at the 5% level in explaining bicycle sales?

A. price and income or both significant at %5 level.

B. only the price is significant at %5 level.

C. Only income is significant at 5% level