Hypothesis test of Model:
Null Hypothesis: Hoi: Model is not significant. V/s Alternative Hypothesis: H1i: Model is significant. I use F test statistic to test this. If p-value < alpha, I reject Ho at 5% level of significance otherwise I fail to reject it.
Hypothesis test of slope
Null Hypothesis: Hoi: βi=0, βi is not significant, i.e. Xi should be included in the model. V/s Alternative Hypothesis: H1i: βi≠0, βi is significant, i.e. Xi should not be included in the model. If p-value < alpha, I reject Hoi at 5% level of significance otherwise I fail to reject it.