In an attempt to determine whether or not a linear relationship exists between the price of a home (in $1,000s) and the number of days it takes to sell the home, a real estate agent collected data from recent sales in his city and estimated the following model: Price = β0 + β3 : Days + ε. A portion of the Excel results is shown in the accompanying table.
Specify the hypotheses to determine whether Days is significant in explaining a house's price. At the 5% significance level, what is the conclusion to the test? Explain.