A data set of 5 observations for Concession Sales per person ($) at a theater and Minutes before the movie begins results in the following estimated regression model:
Sales = 4.3 + 0.265 Minutes.
The standard error of the regression slope is 0.0454.
a) Compute the value of the t- statistic to test if there is a significant relationship between Sales and Minutes.
b) What are the degrees of freedom associated with the t- statistic?
c) What is the P- value associated with the t- statistic?
d) At α = .05, can you reject the standard null hypothesis for the slope? Explain.