A farmer's marketing cooperative recorded the volume of wheat harvested by its members from 1991-2004.  The cooperative is interested in detecting the long-term trend of the amount of wheat harvested.  The data collected is shown in the table.                                          Wheat Harvested by Coop. Member             Year       Time            (y, in thousands of bushels)                   1991          1                               75             1992          2                               78             1993          3                               82             1994          4                               82             1995          5                               84             1996          6                               85             1997          7                               87             1998          8                               91             1999          9                               92             2000         10                              92             2001         11                              93             2002         12                              96             2003         13                            101             2004         14                            102                          Find the least squares prediction equation for the model. Use excel to conduct data analysis. Provide detailed interpretation of the results.

Question

A farmer's marketing cooperative recorded the volume of wheat harvested by its members from 1991-2004.  The cooperative is interested in detecting the long-term trend of the amount of wheat harvested.  The data collected is shown in the table.

 

                                       Wheat Harvested by Coop. Member

            Year       Time            (y, in thousands of bushels)      

            1991          1                               75

            1992          2                               78

            1993          3                               82

            1994          4                               82

            1995          5                               84

            1996          6                               85

            1997          7                               87

            1998          8                               91

            1999          9                               92

            2000         10                              92

            2001         11                              93

            2002         12                              96

            2003         13                            101

            2004         14                            102                       

 

Find the least squares prediction equation for the model. Use excel to conduct data analysis. Provide detailed interpretation of the results.

 

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