Question: states: From the following table giving the quantity of a commodity (Y), its price ( ), and consumer income ( ) from 1986 to 2005:

1. Estimate the regression equation of Y on ( ) and ( )
2. Test at the 5% level for the statistical significance of the slope parameters
3. Find the unadjusted and the adjusted coefficients of determination
4. Test at the 5% level for the overall statistical significance of the regression

Show all results to three decimal places

Table:

Year Y

1986 72 $10 $2,000

1987 81 9 2,100

1988 90 10 2,210

1989 99 9 2,305

1990 108 8 2,407

1991 126 7 2,500

1992 117 7 2,610

1993 117 9 2,698

1994 135 6 2,801

1995 135 6 2,921

1996 144 6 3,000

1997 180 4 3,099

1998 162 5 3,201

1999 171 4 3,308

2000 153 5 3,397

2001 180 4 3,501

2002 171 5 3,689

2003 180 4 3,800

2004 198 4 3,896

2005 189 4 3,989

Solution:

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