You are the CEO of a dairy company. You are planning to expand milk production by purchasing additional cows, lands and hiring more workers. From the existing 50 farms owned by the company, you have collected data on total milk production (in liters), the number of milking cows, land size (in acres) and the number of laborers. The data are shown below:
MILK COWS LAND LABOR
84729 18 24 4
101969 24 22.5 4
103314 22 32 4
70574 19 12.5 2
76144 21 31 2
86695 19 31.75 2
87600 22 31.75 2
105272 19 14.75 2
120422 24 15 2
68749 18 37.75 2
85541 20 37.75 2
91910 25 37.75 2
110465 26 37.75 2
125369 27 37.75 2
159470 29 37.75 2
102930 24 22.5 3
113214 25 26.25 3
133328 28 20 3
140086 26 32.5 3
145514 28 31 3
152589 27 20 3
128304 21 22.5 3
138093 24 28.5 3
161368 27 28.5 3
208136 33 27 3
224205 32 53.75 3
231090 32 32.25 3
122204 22 22.5 4
132311 25 24 4
155154 26 25.5 4
177268 29 24 4
196449 29 51.25 4
205324 28 89 4
89562 25 17.5 3
94840 21 17.25 3
94997 23 20 3
97625 24 25.25 3
102226 28 17.5 3
103832 25 17.5 3
239673 39 62.5 3
239861 40 62.5 3
241298 40 39.5 3
249196 39 62.5 3
294455 42 72.5 3
318871 47 72.5 3
66483 19 17.5 3
100459 20 20 3
103847 21 20 3
154141 25 20 3
155516 31 37.5 3
Is there is sufficient evidence that at least one of the explanatory variables is related to total milk production at a 1% level of significance when testing whether there is a significant relationship between total milk production and the entire set of explanatory variables. Please follow the hypothesis testing steps in arriving at a decision. You must show all the calculations in excel spreadsheet.