The following table shows predicted product demand using your particular forecasting method along with the actual demand that occurred: FORECAST ACTUAL 1,500 1,550 1,400 1,500 1,700 1,600 1,750 1,650 1,800 1,700 Compute the tracking signal using the mean absolute deviation and running sum of forecast errors. (Negative values should be indicated by a minus sign. Round your "Mean Absolute Deviation" to 1 decimal place, "Tracking Signal" to 2 decimal places and all other answers to the nearest whole number.) Period Forecast Actual Deviation RSFE 1 2 3 4 5 1,500 1,550 1,400 1,500 1,700 1,600 1,750 1,650 1,800 1,700 Absolute Deviation Sum of Absolute Deviation MAD TS

The following table shows predicted product demand using your particular forecasting method along with the actual demand that occurred: FORECAST ACTUAL 1,500 1,550 1,400 1,500 1,700 1,600 1,750 1,650 1,800 1,700 Compute the tracking signal using the mean absolute deviation and running sum of forecast errors. (Negative values should be indicated by a minus sign. Round your "Mean Absolute Deviation" to 1 decimal place, "Tracking Signal" to 2 decimal places and all other answers to the nearest whole number.) Period Forecast Actual Deviation RSFE 1 2 3 4 5 1,500 1,550 1,400 1,500 1,700 1,600 1,750 1,650 1,800 1,700 Absolute Deviation Sum of Absolute Deviation MAD TS

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 9E: Savings-Mart (a chain of discount department stores) sells patio and lawn furniture. Sales are...

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Wharton Econometric Forecasting, LLC has been hired to analyze demand in 30 regional markets for Product Y, a major item. A statistical analysis of demand in these markets shows (standard errors in parentheses): QY = 26,950 − 450P + 220PX + 0.08A + 0.01I (11,000) (150) (180) (0.3) (0.05) R2 = 0.95 Standard Error of the Estimate = 10 Here, QY is market demand for Product Y, P is the price of Y in dollars, A is dollars of advertising expenditures, PX is the average price in dollars of another (unidentified) product, and I is dollars of household income. In a typical market, the price of Y is $100, PX is $70, advertising expenditures are $50,000, and the average family income is $60,000. 1. Which variables in this regression model are statistically significant at the 95 percent confidence level? Show your work.
Wharton Econometric Forecasting, LLC has been hired to analyze demand in 30 regional markets for Product Y, a major item. A statistical analysis of demand in these markets shows (standard errors in parentheses): QY = 26,950 − 450P + 220PX + 0.08A + 0.01I (11,000) (150) (180) (0.3) (0.05) R2 = 0.95 Standard Error of the Estimate = 10 Here, QY is market demand for Product Y, P is the price of Y in dollars, A is dollars of advertising expenditures, PX is the average price in dollars of another (unidentified) product, and I is dollars of household income. In a typical market, the price of Y is $100, PX is $70, advertising expenditures are $50,000, and average family income is $60,000. Use the estimated demand function to calculate the expected value of QY in a typical market. Calculate the 95% confidence interval within which you would expect to find actual values of sales.…
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