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The gross state product (GSP) is the sales of all goods and services originating in a state minus the cost of any goods or services
The gross state product (GSP) is the sales of all goods and services originating in a state minus the cost of any goods or services used to generate the sales. The data below contains the GSP for 50 states along with several other variables. Complete parts a through e below. Click the icon to view the state data. a. Develop a correlation matrix for the variables in the data. Identify the variable that has the highest correlation with the GSP variable. Complete the correlation matrix below. GSP gas population income party GSP 1 gas 325 1 population 982 303 1 income 046 350 -.028 1 party .100 .319 054 .441 1 (Round to three decimal places as needed.) Population has the highest correlation with GSP. b. Construct a simple linear regression model for explaining the variation in state GSP using the highest correlated independent variable. Test whether the regression coefficient for this variable is statistically significant using a = 0.05. y= - 74246 + ( 75188 )x1 (Round to the nearest whole number as needed.) Write the hypotheses. Choose the correct answer below. O A. Ho: B1 0 OB. Ho: B, 20 O C. Ho: By >0 HA: P1 =0 HA : B1 =0 HA : P1 0 C. Ho : Bi = 0 HA : Bi 20 HA : Bi =0 HA : Bio OD. HO: B, $0 OE. HO : Bi SO OF. HO: B, 20 HA : Bi = 0 HA : Bi =0 HA : Bi =0The test statistic for [51 is .03 . The test statistic for L52 is 35.39 The test statistic for [53 is 2.15 . The test statistic for [34 is 62 . (Round to two decimal places as needed.) Calculate the psvalue for each coefficient. The p-value for [51 is .976 . The p-value for [52 is .000 . The p-value for [53 is .036 . The p-valueforli1 is 53?. (Round to three decimal places as needed.) Determine if there is enough evidence for each coefficient to say that it is significant. There is not enough evidence to say that gas price is significant. There is enough evidence to say that population is significant There is enough evidence to say that median income is significant. There is not enough evidence to say that governor political party is significant. e. Construct a 95% confidence interval estimate for the regression coefficient on the dummy variable, governor political party, and interpret. The in GSP is predicted to be between and holding constant (Use ascending order. Round to the nearest whole number as needed.)Gross Stale Product Dala Median Governor Household Political Party Gas Price Population Income (1 - Democrat) GSP 1.68 4.75 41.9 207,316 2.09 0.75 67.3 54,204 1.65 6.42 49.7 295,517 1.83 2.91 44.8 122,450 2.61 37.24 60.6 2,824, 131 1.84 5.04 61.1 316,599 1.89 3.58 70.5 259,642 1.87 0.94 57.8 66,114 1.96 18.82 46.4 983,715 1.90 9.71 49.6 593,455 2.58 1.35 71.2 79,681 60- 0 0 - 0060 0 - 60464 40600 1.83 1.58 53.6 65,283 2.09 12.88 55.1 864,773 1.94 6.49 48.0 326,591 2.06 3.03 58.0 168,094 1.92 2.84 53.2 146,309 1.92 4.35 42.7 192,957 1.75 4.55 42.0 252,993 1.94 1.33 52.0 55,047 1.95 5.79 76.4 360,922 1.87 6.53 63.1 576,877 1 97 9 84 518 467 3101.97 9.84 51.8 462,310 1.97 5.26 66.9 330,734 1.79 2.93 35.3 106,837 1.87 5.99 56.7 287,177 1.82 0.96 51.3 45,882 2.00 1.84 56.8 112,272 2.20 2.74 49.7 140,557 1.83 1.30 73.4 71,596 1.71 8.82 65.4 673,893 1.85 2.07 46.7 90,902 1.98 19.42 54.2 1,744,355 1.90 9.50 47.0 596,267 1.96 0.65 61.1 -400600--40600-00-0046040 53,750 1.95 11.54 49.5 692,820 1.76 3.77 47.0 181, 104 2.10 3.85 59.2 225,606 2.02 12.66 55.3 777,557 1.94 1.04 58.7 56,261 1.72 4.63 44.8 196,944 1.92 0.86 53.3 45,494 1.72 6.31 44.0 307,087 1.72 25.15 54.2 1,947,918 1.78 2.72 63.3 146,747 1.98 0.63 60.4 29,794 1.80 7.98 66.3 473,6181.80 1.98 60.3 4/3,616 2.15 6.75 59.5 446,106 1.86 1.88 39.8 71,097 2.01 5.71 58.1 296,893 1.77 0.57 55.4 40,084
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