Math

StatisticsSTATISTICS F/BUSINESS+ECONOMICS-TEXTThe following data show the number of rental cars in service for three rental car companies: Hertz, Avis, and Dollar. The data are for the years 2007-2010 and are in thousands of vehicles ( Auto Rental News website, May 15, 2011). Company 2007 Cars in Service (1000s) 2010 2008 2009 Hertz 327 311 286 290 Dollar 167 140 106 108 Avis 204 220 300 270 a. Construct a time series graph for the years 2007 to 2010 showing the number of rental cars in service for each company. Show the time series for all three companies on the same graph. b. Comment on who appears to be the market share leader and how the market shares are changing over time. c. Construct a bar chart showing rental cars in service for 2010. Is this chart based on cross-sectional or time series data?BuyFind*arrow_forward*

13th Edition

Anderson

Publisher: CENGAGE L

ISBN: 9781305881884

Chapter 1, Problem 14SE

Textbook Problem

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The following data show the number of rental cars in service for three rental car companies: Hertz, Avis, and Dollar. The data are for the years 2007-2010 and are in thousands of vehicles (*Auto Rental News* website, May 15, 2011).

Company |
2007 |
Cars in Service (1000s) |
2010 |
||

2008 |
2009 |
||||

Hertz | 327 | 311 | 286 | 290 | |

Dollar | 167 | 140 | 106 | 108 | |

Avis | 204 | 220 | 300 | 270 |

a. Construct a time series graph for the years 2007 to 2010 showing the number of rental cars in service for each company. Show the time series for all three companies on the same graph.

b. Comment on who appears to be the market share leader and how the market shares are changing over time.

c. Construct a bar chart showing rental cars in service for 2010. Is this chart based on cross-sectional or time series data?

Expert Solution

**a.**

To determine

Construct the time-series graph for the years 2007–2010for all three companies on the same graph.

**Calculation:**

The given information represents the number of rental cars in service for three rental companies namely Hertz, Avis, and Dollar in the years 2007–2010.

**Software Procedure:**

A step-by-step procedure to draw the time-series graph using MINITAB software:

- Choose
**Graph > Scatterplot**. - Choose
**With Connect Line**, and then click**OK**...

Expert Solution

**b.**

To determine

Interpret about the market share leader and changes of market shares over time.

Expert Solution

**c.**

To determine

Construct the bar chart for the year 2010.

Check whether the graph is based on cross-sectional or time-series data.

STATISTICS F/BUSINESS+ECONOMICS-TEXT

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