Use the following information to answer the question(s) below.A home appraisal company would like to develop a regression model that would predict the selling price of a house based on the age of the house in years (Age), the living area of the house in square feet (Living Area) and the number of bedrooms (Bedrooms). The following Excel output shows the partially completed regression output from a random sample of homes that have recently sold.
Which one of the following statements describes the results of the hypothesis test for the overall regression model using
α = 0.05?
▸ Because the test statistic is greater than the critical value, we reject the null hypothesis and conclude that there is a relationship between the dependent variable and the independent variables.
▸ Because the test statistic is greater than the critical value, we fail to reject the null hypothesis and conclude that there is a relationship between the dependent variable and the independent variables.
▸ Because the test statistic is less than the critical value, we fail to reject the null hypothesis and conclude that there is no relationship between the dependent variable and the independent variables.
▸ Because the test statistic is less than the critical value, we reject the null hypothesis and conclude that there is no relationship between the dependent variable and the independent variables.
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