Question

Asked Sep 19, 2019

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The value *y* (in 1982–1984 dollars) of each dollar paid by consumers in each of the years from 1994 through 2008 in a country is represented by the ordered pairs.

(1994, 0.675) | (1995, 0.654) |

(1996, 0.643) | (1997, 0.618) |

(1998, 0.611) | (1999, 0.599) |

(2000, 0.585) | (2001, 0.562) |

(2002, 0.559) | (2003, 0.539) |

(2004, 0.529) | (2005, 0.513) |

(2006, 0.493) | (2007, 0.482) |

(2008, 0.462) |

(b) Use the

y =

(c) Use the model to predict the value (in 1982–1984 dollars) of 1 dollar paid by consumers in 2010 and in 2011. (Round your answers to two decimal places.)Step 1

It is a time series data, so we convert the year in periods

Entering the data in excel as shown below

Step 2

b) Finding the equation of least square in excel.

It can be found by plotting the scatter plot in excel.

Steps to plot scatter plot on excel

select the data From B1 to C60 in excel-> Go to insert->Go to scatter diagram-> select scatter diagram with line-> scatter diagram will be plotted.

Equation can be obtained by clicking on + sign on the plot, then on going tredline-> more options-> then select display equation on chart .

Equation on chart will be displayed

**The equation obtained is**

**y = -0.0146x + 0.685**

Step 3

c)

Value of dollar paid by consumers in 2010 and 2011 is

Period corresponding to 2010 is 17

Putting the value of x =17 in least square regression line

y = -0.0146x + 0.685

y = -0.0146 *17 + 0.685= **0.4368**

Period correspo...

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