The accompanying table shows the regression results when estimating y = β0 + β1x + ε. 
a. Specify the competing hypotheses to determine whether x is significant in explaining y.
B) At the 5% significance level, is x significant in explaining y? Explain.
Definitions:
Non-Critical Inputs
Components or materials that are not essential to the core function or operation of a product or process.
Homogenous Inputs
Inputs or resources that are identical in quality and nature, making them interchangeable in production processes.
Supplier Power
The influence that suppliers may exert on businesses and markets by controlling the pricing and quality of their goods or services.
Perfect Competition
A market structure characterized by an infinite number of small suppliers and buyers, leading to price-taking behavior.
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