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Cape San Blas manages rental beach properties during the summer season for property owners. They would like to determin if a relationship exists between the squate footage of beach property and the weekly rental rates during the summer season. Simple regression analysis was performed using a random sample of beach properties with the results shown below.
| SUMMARY OUTPUT | ||||||
| Regression Statistics | ||||||
| Multiple R | 0.4738 | |||||
| R Square | 0.2245 | |||||
| Adjusted R Square | 0.1599 | |||||
| Standard Error | 298.08 | |||||
| Observations | 14 | |||||
| ANOVA | ||||||
| df | SS | MS | F | Significance F | ||
| Regression | 1 | 308653.6 | 308653.6 | 3.47 | 0.087 | |
| Residual | 12 | 1066189 | 88849.1 | |||
| Total | 13 | 1374843 | ||||
| Coefficients | Standard Error | t Stat | P-value | Lower 95% | Upper 95% | |
| Intercept | 817.0948 | 359.62 | 2.272 | 0.0423 | 10.74532753 | 33.553 |
| Sales | 0.328 | 0.176 | 1.8638 | 0.087 | -0.055 | 0.711 |
Which one of the following statements is true using alpha = 0.05
a. Because the p -value for the slope is 0.0423, we can reject the null hypothesis and conclude that there is a relationship between the weekly rental and square footage of beach property.
b. Becsuse the p -value for the slope is 0.0423, we fail to reject the null hypothesis and conclude that there is a relationship between the weekly rental and square footage of beach property.
c. Because the p-value for the slope is 0.0870, we can reject the null hypothesis and conclude that there is a relationship between the weekly rental and square footage of beach property.
d. Because the p -value for the slope is 0.0870, we fail to reject the null hypothesis and conclude that there is a relationship between the weekly rental and square footage of beach property.