Answered: use these data to develop a time series…

Math

Statistics

use these data to develop a time series regression forecast for next year's sales.

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter3: Polynomial Functions

Section3.5: Mathematical Modeling And Variation

Problem 2ECP

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Question

The magneto company manufactures magneto assemblies that generate direct electrical current when rotated. these assemblies are used by other companies in their products. the magneto is in the decline stage of its product lifecycle. the historical data below reflect this decline, and magneto's management expects this trend to continue. use these data to develop a time series regression forecast for next year's sales.

year	magneto's sales (millions of dollars)	year	magneto's sales (millions of dollars)
1	5.6	4	5.5
2	5.5	5	5.3
3	5.4	6	5.3

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