Listed Below Is a Company's Sales in the Period 2000

Essay

Listed below is a company's sales in the period 2000 to 2011 along with the national income of the country, where the
business is set up. $$\begin{array} { | c | c | c | } \hline \text { Y ear } & \begin{array} { c } \text { National Income (in } \\\text { millions of dollars) } \boldsymbol { x }\end{array} & \begin{array} { c } \text { Company's sales (in } \\\text { thousands of dollars) } \boldsymbol { y }\end{array} \\\hline 2000 & 305 & 470 \\\hline 2001 & 316 & 485 \\\hline 2002 & 358 & 499 \\\hline 2003 & 350 & 515 \\\hline 2004 & 375 & 532 \\\hline 2005 & 392 & 532 \\\hline 2006 & 400 & 556 \\\hline 2007 & 398 & 576 \\\hline 2008 & 430 & 583 \\\hline 2009 & 456 & 587 \\\hline 2010 & 578 & 601 \\\hline 2011 & 498 & 605 \\\hline\end{array}$$ Test whether each of the regression parameters β₀ and β₁ is equal to zero at a 0.05 level of significance. What are the correct interpretations of the estimated regression parameters?