Statistics for Business and Economics, Student Value Edition plus MyStatLab with Pearson eText -- Access Card Package (8th Edition)
8th Edition
ISBN: 9780321923912
Author: Paul Newbold
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 1.4, Problem 22E
To determine
Time plot of the gross domestic investment and gross private savings.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
the logistic equation y=9200/(1+8.03x^-0.121t) models the gross domestic product (GDP) of the united states from 1970 through 1992, where t is the number of years after 1970 and y is in billions of dollars. at what value of t is the growth in GDP increasing most rapidly in what year?
Suppose you have an extra six months of data on demands and prices, in addition to the data in the example. These extra data points are (350,84), (385,72), (410,67), (400,62), (330,92), and (480,53). (The price is shown first and then the demand at that price.) After adding these points to the original data, use Excel’s Trendline tool to find the best-fitting linear, power, and exponential trend lines. Then calculate the MAPE for each of these, based on all 18 months of data. Does the power curve still have the smallest MAPE?
Economic time series are maintained and published by some government agencies such as the Census Bureau and the Bureau of Labor Statistics, and they use time series decomposition. Why do you think they use time series decomposition? Explain in detail.
Chapter 1 Solutions
Statistics for Business and Economics, Student Value Edition plus MyStatLab with Pearson eText -- Access Card Package (8th Edition)
Ch. 1.2 - Prob. 1ECh. 1.2 - Prob. 2ECh. 1.2 - Prob. 3ECh. 1.2 - Prob. 4ECh. 1.2 - Prob. 5ECh. 1.2 - Prob. 6ECh. 1.2 - Prob. 7ECh. 1.2 - Prob. 8ECh. 1.3 - Prob. 9ECh. 1.3 - Prob. 10E
Ch. 1.3 - Prob. 11ECh. 1.3 - Prob. 12ECh. 1.3 - Prob. 13ECh. 1.3 - Prob. 14ECh. 1.3 - Prob. 15ECh. 1.3 - Prob. 16ECh. 1.3 - Prob. 17ECh. 1.3 - Prob. 18ECh. 1.3 - Prob. 19ECh. 1.4 - Prob. 20ECh. 1.4 - Prob. 21ECh. 1.4 - Prob. 22ECh. 1.4 - Prob. 23ECh. 1.4 - Prob. 24ECh. 1.4 - Prob. 25ECh. 1.4 - Prob. 26ECh. 1.4 - Prob. 27ECh. 1.4 - Prob. 28ECh. 1.4 - Prob. 29ECh. 1.5 - Prob. 30ECh. 1.5 - Prob. 31ECh. 1.5 - Prob. 32ECh. 1.5 - Prob. 33ECh. 1.5 - Prob. 34ECh. 1.5 - Prob. 35ECh. 1.5 - Prob. 36ECh. 1.5 - Prob. 37ECh. 1.5 - Prob. 38ECh. 1.5 - Prob. 39ECh. 1.5 - Prob. 40ECh. 1.5 - Prob. 41ECh. 1.5 - Prob. 42ECh. 1.5 - Prob. 43ECh. 1.5 - Prob. 44ECh. 1.5 - Sales revenue totals (in dollars) by day of the...Ch. 1.5 - Prob. 46ECh. 1.6 - Prob. 47ECh. 1.6 - Prob. 48ECh. 1.6 - Prob. 49ECh. 1.6 - Prob. 50ECh. 1 - Prob. 51ECh. 1 - Prob. 52ECh. 1 - Prob. 53ECh. 1 - Prob. 54ECh. 1 - Prob. 55ECh. 1 - Prob. 56ECh. 1 - Prob. 57ECh. 1 - Prob. 58ECh. 1 - Prob. 59ECh. 1 - Prob. 60ECh. 1 - Prob. 61ECh. 1 - Prob. 62ECh. 1 - Prob. 63ECh. 1 - Prob. 64ECh. 1 - Prob. 65ECh. 1 - Prob. 66ECh. 1 - Prob. 67ECh. 1 - Prob. 68ECh. 1 - Prob. 69ECh. 1 - Prob. 71ECh. 1 - Prob. 72ECh. 1 - Prob. 73ECh. 1 - Prob. 74E
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- Studying Agricultural GDP in Turkey from 1980 to 2020 is an example of usinga.pooled datab.panel datac.cross sectional data d.time series dataarrow_forwardDecomposition of a time series of a souvenir shop's sales is shown in the plot below. Choose all of the following which are true for this time series Select one or more: a. The sales peak right before new year's b. There are quarterly (3-monthly) seasonal cycles in this tie series c. There is an increase trend in the time series d. This time series is not stationary e. There is no seasonality in this time seriesarrow_forwardIndicate if the following data sets represent time-series, cross section or panel data. a- Number of cars sold in North Cyprus between the years 1955 and 1970. b- Inflation rate of the EU members between the years 2000 and 2012. c- Population of the cities of Turkey in 2012. d- Industrial classification of employment according to genderarrow_forward
- Gross Domestic Product The following table givesthe gross domestic product (the value of all goodsand services, in billions of dollars) of the UnitedStates for selected years from 2000 to 2018.a. Create a scatter plot of the data, with y representing the GDP in billions of dollars and x representing the number of years after 2000.b. Find the linear function that best fits the data, withx equal to the number of years after 2000. Reportthe model with three significant digits.c. Graph the model with the scatter plot to see if theline is an excellent fit for the data.arrow_forwardThe GDP data collected for the current year for a number of countries are called _____. Select one: a. cross-section data b. time-series data c. panel data d. experimental dataarrow_forwardDefine and briefly explain the nature and structure of the following terms. Cross sectional data and time series data.arrow_forward
- The population censuses for your city is between 1990 to 2015 are given in the excel sheet given. Estimate the future populations for 2025, and 2050 years by using the following methods and finally compare the results by plotting a graph in excel . Arithmetic, Uniform Percentage, Logistic, Declining Growtharrow_forwardDescribe A time-ordered sequence of observations taken at regular intervals.arrow_forwardExplain the statement that a time series can be viewed as being made up of a number of components. Provide examples of business and economic time series for which you would expect particular components to be important.arrow_forward
- A researcher has a sample of 6 annual observations {94, 104, 102, 99, 111 and 107} for the CPI in country Z for the period 2015 to 2020, and wants to forecast CPI for the years 2021, 2022 and 2023. The researcher uses 3 different forecasting models: A, B and C. Model A is an AR(1) model with no drift and with an estimated autoregressive coefficient = 0.7. Model B is a MA(1) model with no constant and with an estimated MA coefficient = -0.4 (note the minus !). Model C is a random walk model with no drift. The error terms over the 2015-2020 period were estimated to have the values: {3, -1, 2, 4, -3, 1}. a. Compute the 2021, 2022 and 2023 forecasted values for the consumer price index based on the three models. Show the formulas and the details of your calculations, and explain all the related symbols. b. Suppose that the actual values of the CPI over the 2021, 2022 and 2023 were {108, 114, 105}. Calculate the Root mean square error of the three model forecasts over the 2021-2023…arrow_forwardTrue or False? A dataset consists of U.S. dollar exchange rates the day before yesterday against 30 other world currencies. This is a time series dataset.arrow_forwardThe following table represents the thallium production and apparent consumption in the United States for the years 2004 through 2010. Unit value is the value in actual dollars of one metric ton (t) of thallium apparent consumption. With 2004 as the base year, adjust the unit value in actual U.S. dollars to the unit value in constant 2004 U.S. dollars (2004$).arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education
Forecasting: Exponential Smoothing, MSE; Author: Joshua Emmanuel;https://www.youtube.com/watch?v=k_HN0wOKDd0;License: Standard Youtube License