Proceed as follows to demonstr

Proceed as follows to demonstrate the difference between statistical significance in simple linear regression and practical significance, analogous to the discussion in Section 5.9. For one dataset, use the integers 20–30 for one set of X-values. Then generate 11 random errors from the standard normal distribution and add those to the X-values to create the Y-values. Then repeat using the integers 10–40 so that 31 random errors must be generated. Perform the regression analysis on each data set and compare the two values of the standard error of β 1. Compare the two values of s relative to the difference in the two standard errors of β 1 and relative to the two t-statistics for testing that β1 = 0. What have you demonstrated?

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