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A regression model relating units sold (Y), price (X1), and whether or not promotion was used (X2 = 1 if promotion was used and 0 if it was not) resulted in the following model. and the following information is provided.
a.Is price a significant variable?
b.Is promotion significant?
Population Mean
Mean associated with an entire population.
Sampling Distribution
Refers to a statistical distribution that represents all possible values of a statistic for a given size of samples drawn from a population.
Variability
The extent to which data points in a statistical distribution or dataset differ from each other.
Difference
In statistics, this refers to the subtraction of one value from another to determine the gap or extent of variation between them.
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