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Concept explainers
Time Series. A collection of observations of a variable y taken at regular intervals over time is called a time series. Economic data and electrical signals are examples of time series. We can think of a time series as providing data points (xi, yi) where xi is the i th observation time and yi, is the observed value of y at time xi. If a time series exhibits a linear trend, we can find that trend by determining the regression equation for the data points. We can then use the regression equation for forecasting purposes.
As an illustration, consider the data on the WeissStats site that shows the U.S. population, in millions of persons, for the years 1990–2013, as provided by the U.S. Census Bureau.
- a. Use the technology of your choice to obtain a
scatterplot of the data. - b. Use the technology of your choice to find the regression equation,
- c. Use your result from part (b) to forecast the U.S. population for the years 2014 and 2015.
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Chapter 14 Solutions
Introductory Statistics, Books a la Carte Plus NEW MyLab Statistics with Pearson eText -- Access Card Package (10th Edition)
- Table 6 shows the year and the number ofpeople unemployed in a particular city for several years. Determine whether the trend appears linear. If so, and assuming the trend continues, in what year will the number of unemployed reach 5 people?arrow_forwardDoes Table 1 represent a linear function? If so, finda linear equation that models the data.arrow_forwardWhat does the y -intercept on the graph of a logistic equation correspond to for a population modeled by that equation?arrow_forward
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