Find the MSE in part (b) please. 1010551234567812348Year (t)Year (t)Plot (i)What type of pattern exists in the data?Trend Pattern(b) Use simple linear regression analysis to find the parameters for the line that minimizes MSE for this time series.If required, round your answers to two decimal places.vintercept, bo19.99Slope, b1%3D1.77MSE =2.94(c) What is the average cost increase that the firm has been realizing per year?Round your interim computations and final answer to two decimal places.1.77(d) Compute an estimate of the cost/unit for next year.If required, round your answer to two decimal places.35.96' Hide FeedbackPartially CorrectCheck My Work (No more tries available) The president of a small manufacturing firm is concerned about the continual increase in manufacturing costs over the past several years. The following figures provide a time series of thecost per unit for the firm's leading product over the past eight years.Click on the datafile logo to reference the data.DATA fileYear Cost/Unit ($)Year Cost/Unit ($)1.20.0026.602.24.506.30.00328.2031.00427.50836.00(a) Choose the correct time series plot.(i)(ii)404035353030251010551.346781345678Year (t)Year (t)(ii)40(iv)403535303025E 25($) yun/as03Cost/Unit ($)

Given, By using excel: data- data analysis- regression

Answered: 5 7 7 Year (t) Year (t) Plot (i) "hat…

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter12: Sequences, Series And Binomial Theorem

Section12.3: Geometric Sequences And Series

Problem 12.58TI: What is the total effect on the economy of a government tax rebate of $500 to each household in...

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Find the MSE in part (b) please.

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Year (t)
Year (t)
Plot (i)
What type of pattern exists in the data?
Trend Pattern
(b) Use simple linear regression analysis to find the parameters for the line that minimizes MSE for this time series.
If required, round your answers to two decimal places.
vintercept, bo
19.99
Slope, b1
%3D
1.77
MSE =
2.94
(c) What is the average cost increase that the firm has been realizing per year?
Round your interim computations and final answer to two decimal places.
1.77
(d) Compute an estimate of the cost/unit for next year.
If required, round your answer to two decimal places.
35.96
' Hide Feedback
Partially Correct
Check My Work (No more tries available)

Transcribed Image Text:The president of a small manufacturing firm is concerned about the continual increase in manufacturing costs over the past several years. The following figures provide a time series of the cost per unit for the firm's leading product over the past eight years. Click on the datafile logo to reference the data. DATA file Year Cost/Unit ($) Year Cost/Unit ($) 1. 20.00 26.60 2. 24.50 6. 30.00 3 28.20 31.00 4 27.50 8 36.00 (a) Choose the correct time series plot. (i) (ii) 40 40 35 35 30 30 25 10 10 5 5 1. 3 4 6 7 8 1 3 4 5 6 7 8 Year (t) Year (t) (ii) 40 (iv) 40 35 35 30 30 25 E 25 ($) yun/as03 Cost/Unit ($)

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