Despite the growth in digital entertainment, the nation's 400 amusement parks have managed to hold on to visitors. A manager collects data on the number of visitors (in millions) to amusement parks in the United States. A portion of the data is shown in the accompanying table.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.6: Regression And Median-fit Lines
Problem 2CYU
icon
Related questions
Topic Video
Question
B-1, b-2, c-1, and c-2
Despite the growth in digital entertainment, the nation's 400 amusement parks
have managed to hold on to visitors. A manager collects data on the number of
visitors (in millions) to amusement parks in the United States. A portion of the data
is shown in the accompanying table.
Year
Visitors
2000
312
315
2001
2007
345
SOURCE: International Association of Amusement Parks and Attractions.
picture Click here for the Excel Data File
b-1. Estimate a linear trend model and an exponential trend model for the sample.
(Round your answers to 2 decimal places.)
Variable
Linear Trend
Exponential Trend
Intercept
b-2. Calculate the MSE for both trends. (Do not round estimates ot
intermediate calculations. Round final answers to 2 decimal places.)
Linear Trend
Exponential Trend
MSE
b-3. By comparing MSE, which of the above methods perform better?
O Linear trend
OExponential trend
c-1. Using the model of best fit, make a forecast for visitors to amusement parks
in 2008. (Do not round estimates or intermediate calculations. Round your
answer to 1 decimal place.)
million visitors
c-2. Using the model of best fit, make a forecast for visitors to amusement parks
in 2009. (Do not round estimates or intermediate calculations. Round your
answer to 1 decimal place.)
million visitors
Transcribed Image Text:Despite the growth in digital entertainment, the nation's 400 amusement parks have managed to hold on to visitors. A manager collects data on the number of visitors (in millions) to amusement parks in the United States. A portion of the data is shown in the accompanying table. Year Visitors 2000 312 315 2001 2007 345 SOURCE: International Association of Amusement Parks and Attractions. picture Click here for the Excel Data File b-1. Estimate a linear trend model and an exponential trend model for the sample. (Round your answers to 2 decimal places.) Variable Linear Trend Exponential Trend Intercept b-2. Calculate the MSE for both trends. (Do not round estimates ot intermediate calculations. Round final answers to 2 decimal places.) Linear Trend Exponential Trend MSE b-3. By comparing MSE, which of the above methods perform better? O Linear trend OExponential trend c-1. Using the model of best fit, make a forecast for visitors to amusement parks in 2008. (Do not round estimates or intermediate calculations. Round your answer to 1 decimal place.) million visitors c-2. Using the model of best fit, make a forecast for visitors to amusement parks in 2009. (Do not round estimates or intermediate calculations. Round your answer to 1 decimal place.) million visitors
Year
Visitors
2000
312
2001
315
2002
364
2003
370
2004
332
2005
314
2006
355
2007
345
Transcribed Image Text:Year Visitors 2000 312 2001 315 2002 364 2003 370 2004 332 2005 314 2006 355 2007 345
Expert Solution
steps

Step by step

Solved in 5 steps with 4 images

Blurred answer
Knowledge Booster
Algebraic Operations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Functions and Change: A Modeling Approach to Coll…
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning