Use the information below to answer the following question(s).Cape May Realty manages rental beach properties during the summer season for property owners. They would like to determine if a relationship exists between the square footage of beach property and the weekly rental rates during the summer season. Simple regression analysis was performed using a random sample of beach properties with the results shown below.
Which one of the following statements is true using
α = 0.05?
▸ Because the
p-value for the slope is 0.0423, we can reject the null hypothesis and conclude that there is a relationship between the weekly rental and square footage of beach property.
▸ Because the
p-value for the slope is 0.0423, we fail to reject the null hypothesis and conclude that there is a relationship between the weekly rental and square footage of beach property.
▸ Because the
p-value for the slope is 0.0870, we can reject the null hypothesis and conclude that there is a relationship between the weekly rental and square footage of beach property.
▸ Because the
p-value for the slope is 0.0870, we fail to reject the null hypothesis and conclude that there is no relationship between the weekly rental and square footage of beach property.
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