In the territory versus sales example (based on the data from Table 11.2.3), the least-squares line to predict sales based on the population of the territory was found to be
Expected sales = $1,371,744 +$0:23675045 (Population)
a. Interpret the slope coefficient as a number with a simple and direct business meaning.
b. What proportion of the variation in sales from one agent to another is attributable to territory size? What proportion is due to other factors?
c. Does territory size have a significant impact on sales? How do you know?
d. Find the p-value (as either p > 0.05, p < 0.05, p < 0.01, or p < 0.001) for the significance of the slope coefficient.