Use the Data Given Below to Answer the Following Question(s)

question 39

Essay

Use the data given below to answer the following question(s).
Following is an extract from a firm's database detailing the number of hours spent on the job by employees and their corresponding pay. (Note: Assume a level of significance of 0.05 wherever necessary.) $$\begin{array} { | l | l | } \hline \begin{array} { l } \text { Hours spent } \\\text { on the job }\end{array} & \text { Salary (\$) } \\\hline 4 & 340 \\\hline 12 & 850 \\\hline 7 & 570 \\\hline 5 & 470 \\\hline 11 & 820 \\\hline 8 & 610 \\\hline 9 & 630 \\\hline 13 & 900 \\\hline 10 & 800 \\\hline 6 & 480 \\\hline\end{array}$$
-Draw conclusions for test of hypothesis for regression coefficients.

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Definitions:

Hypothesis Testing

A statistical method that uses sample data to evaluate a hypothesis about a population parameter.

Critical Value

A threshold in statistics that the test statistic must exceed for the null hypothesis to be rejected in significance testing.

Type I Error

The incorrect rejection of a true null hypothesis, also known as a "false positive."

Greek Letter

Symbols used in various fields such as mathematics, science, and engineering to denote constants, variables, and parameters.