Table 8.1 shows average monthly U.S. housing starts (in thousands). Estimate a simple linear regression model where the dependent variable is the number of housing starts and the explanatory variable is time, with t = 0 in 1960.

a. Interpret the value of the estimated slope.

b. Does the estimated slope have a two-sided P value less than 0.05?

c. State the null hypothesis in words, not symbols.

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Table 8.1: Exercise 8.8 111.48 1984 1965 122.74 1975 96.70 1985 1966 97.08 1976 1967 107.63 1977 128.11 1986 165.59 1987 1968 125.62 1978 1988 1969 122.23 1979 145.42 1989 168.36 1960 104.34 1970 118.47 1980 107.68 1990 98.38 2000 130.72 1961 109.42 1971 171.02 1981 90.34 1991 84.50 2001 133.58 1962 121.90 1972 196.38 1982 88.52 1992 98.97 2002 142.08 1963 133.59 1973 170.43 1983 141.92 1993 107.31 2003 153.98 1964 127.41 1974 145.78 1994 121.42 2004 162.97 145.14 1995 112.85 2005 172.34 150.45 1996 123.08 2006 150.08 122.83 2007 112.92 2008 75.42 135.05 1997 124.00 114.68 1998 134.75 1999 136.77 2009 46.17