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The following regression model has been proposed to predict sales at a furniture store.
a.Fully interpret the meaning of the coefficient of X3.
b.Predict sales (in dollars)for a store with competitor's previous day's sale of $3,000,a population of 10,000 within 1 mile,and six radio advertisements.
Central Limit Theorem
A statistical theory stating that the distribution of sample means approximates a normal distribution as the sample size becomes sufficiently large.
Sample Mean
The average of a sample set of numbers, calculated by adding up all the numbers and dividing by the count of numbers in the set.
Sample Mean
The average value of a sample set of numbers.
Freshmen
First-year students in a secondary or post-secondary educational institution.
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