To make forecasts of a product’s price, we would like to check if a significant linear...
To make forecasts of a product’s price, we would like to check if a significant linear trend exists. Therefore, a linear regression model of the form price = b0 + b1*time has been formulated and fitted to the data with the output shown below. Which of the following would properly test and conclude if a significant trend exists in the time series?
a. Test for Ho: b0 = 0. A significant linear trend exists.
b. Test for Ho: b0 = 0. There is no significant linear trend.
c. Test for Ho: b0 = b1. A significant linear trend exists.
d. Test for Ho: b1 = 0. A significant linear trend exists.
e. Test for Ho: b1 = 0. There is insufficient evidence for linear trend
Homework Answers
The trend can be understood by b1.
If b1 is anything other than 0, there is a linear trend in the model.
If b1 is negative, it is a downward sloping linear trens and upward sloping linear trend otherwise.
The correct option is therefore
e. Test for H0: b1 =0. There is insufficient evidence for linear trend.
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