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Henry Hilton, CFA, is undertaking an analysis of the bicycle industry. He hypothesizes that bicycle sales (SALES) are a function of three factors: the population under 20 (POP), the level of disposable income (INCOME), and the number of dollars spent on advertising (ADV). All data are measured in millions of units. Hilton gathers data for the last 20 years and estimates the following equation (standard errors in parentheses):
The critical t-statistic for a 95% confidence level is 2.120. Which of the independent variables is statistically different from zero at the 95% confidence level? A. INCOME only. B. ADV only. C. INCOME and ADV. | ||||||||