A simple linear regression model has been developed and an F test is going to be conducted to determine whether the model is statistically signicant. Select whether each statement about the F test is correct or not correct. Correct Not correct a) "he F test is a twotail test. 0 O b) "he F test assesses whether the parameter [31 is 0. O O (I) "he test statistic used in the F test is the ratio of the regression sum of squares and the error sum of squares. O O An investor plans to develop a regression model for the appraisal value (in thousands of dollars) of property in her cityr (Y) based on 5 numerical variables: Y = I30 + lel + Bzxz + B3X3 + 54x4 + Bsxs + E The investor would like to test whether or hot the model has any significance. That is, she would like to test the hypotheses: Hoil=E'22l5"3=l34=l35=D HA: not all |3j are zero A sample of 30 items are drawn and the data is used to create the prediction equation: 3?: b0 + blxl + bzxz + b3x3 + qu4 + b5x5 The regression sum of squares [SSR) is calculated to be 545.1 and the error sum of squares (SSE) is calculated to be 567.8. An F test is conducted to test the above hypotheses. a) Calculate the test statistic (F) for this test. Give your answer to 2 decimal places. b) With a 99% level of condence, the investor- reject the null hypothesis