Question

Nul hypothesis is that there is correlation between price and Q supplied.

1. Determine the test criteria:
2. 7.1. Specify the level of significance (Type I error associated with the null hypothesis),

7.2. Determine the test statistic (the appropriate statistical test as mentioned under point 5 above),

7.3. Determine the critical values (and region(s) if applicable),

8. Calculate the value of the test statistic (obtained valuE)
9. Make a decision about the null and research hypothesis by comparing the obtained value to the critical value and interpret the results of the data. You can pay attention also to the p-values.

Price	Quantity supplied
14,5	7
13,4	8
12,7	6
16,4	10
21	15
13,9	11
17,3	21
12,5	10
16,7	14
22,7	20
14,5	12
12,3	10
15,6	8
20	14
14,2	8
12,6	6
18,2	12
17,3	8
14,3	7
11	6
14,5	7
15,2	8
16,2	8
14,8	7
14,3	7
11,9	6
12	6
14,1	7
17	8
18	9

IF POSSIBLE, GIVE ANWERS IN EXCEL FORM

Answer 1