Calculate t-statistics for each variable and explain what this tells y

Calculate t-statistics for each variable and explain what this tells you.

What will be an ideal response?

ANSWER

Price: -10/2.29 = -4.37
Advertising: 5/1.36 = 3.86
Competitor’s price: 4/1.75 = 2.29
Income: 0.05/1.5 = 0.33
All variables are statistically significant with the exception of income. Thus we can conclude that the other variables do have an impact on the quantity demanded of this good.