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The regression results below are for the equation: Ice Cream Consumption = a + b1*temp + b2*price, where ice cream consumption is pints per capita;

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The regression results below are for the equation: Ice Cream Consumption = a + b1*temp + b2*price, where ice cream consumption is pints per capita; temperature is mean temperature in degrees F; and price is of an ice cream pint in dollars. True/false: the coefficient on temp is statistically significant at the 1% level. SUMMARY OUTPUT Regression Statistics Multiple R 0.80 R Square 0:63 Adjusted R Square 0.61 Standard Error 0.04 Observations 30.00 ANOVA of SS MS F Significance F Regression 2 0.079 0.040 23.266 1.34E-06 Residual 27 0.046 0.002 Total 29 0.126 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 0.597 0.258 2.309 0.029 0.067 1.127 0.067 1.127 temp 0.003 0.000 6.448 0.000 0.002 0.004 0.002 0.004 price 1.402 0.925 -1.515 0.141 -3.300 0.496 -3.300 0.496 O True False

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