In 1939 the British economist John Hicks published his noted work, Value and Capital, describing what today serves as a foundational principle in neoclassical economics dealing with the theory of demand.

He stated that the quantity purchased of a commodity is a function of its price. Based on the results shown here for n = 120 shoppers comment on the wisdom of that tenet. Q = 50 - 1.63P = 50 − 1.63P, Se = 1.5, and SSX = 4.6. Test the hypothesis for the regression coefficient at the 5% level of significance. Find the p-value for the test. Compare it with the Z-value you calculated in the hypothesis test to comment on the results of the test.