Statistics for Business and Economics
1st Edition
ISBN: 9780132745680
Author: NEWBOLD, Paul/ Carlson
Publisher: Pearson College Div
expand_more
expand_more
format_list_bulleted
Question
Chapter 1.6, Problem 48E
(a)
To determine
Draw the times series plot using the vertical scale from 500 to 5700.
(b)
To determine
Draw the time series plot using the vertical scale from 4,000 to 7,000.
(c)
To determine
Describe the difference between the two time series plots.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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.
Explain 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.
Explain why it is important that time-series variables are ‘stationary’. Outline a method that can be used to transform a non-stationary series into a stationary one.
Chapter 1 Solutions
Statistics for Business and Economics
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
Similar questions
- The following table represents sales data for milk (in hundred liters) sold by a grocery.Do the computations to fill out the table and answer the following questions:1. Using MAD as the criterion, which of the following models would you use for thegiven time series data? Why?A. Naïve approach;B. 5-month SMA model;C. WMA model with weights 0.1, 0.3, and 0.6; orD. ES model with α = 0.5 and a forecast of 3,500 liters in the first month. NOTE: In answering Item 1, mention the whole description of the model; i.e., not just“SMA model”, but “SMA model with n = ...”; not just “WMA model”, but “WMA modelwith weights ...”; not just “ES model”, but “ES model with α = ...”. 2. Interpret the MAD of the most accurate among the forecasting models above.3. Based on your decision in Item 1, what should be the forecast for Month 11?arrow_forwardThe following table lists the number of daily visitors to the Web site of a new business during its first year. Month Number Month Number 1 2 3 4 5 6 5,400 5,372 5,265 5,250 5,289 5,350 7 8 9 10 11 12 5,600 5,520 5,280 5,400 5,448 5,500 a. Graph the data with a time-series plot using a vertical scale from 5,000 to 5,700.b. Graph the data with a time-series plot using a vertical scale from 4,000 to 7,000. c. Comment on the difference between these two time-series plots.arrow_forwardDefine and briefly explain the nature and structure of the following terms. Cross sectional data and time series data.arrow_forward
- Explain the term "Autocorrelation" in relation to Time Series data?arrow_forwardIt has been widely reported that an increasing number of US women have joined the labor force during the last few decades Directions: Double click on the graph to the night Select Multiple Time Series Data For Y Axis1 select the labor force participation rate of men, and for Y Axis2 select the labor force participation rate of women. After selecting these senes the data will be plotted in the graph According to data shown on the graph on the right, it is clear that the labor force participation rates for men and women in the US OA tended to converge over almost the entire period OB. remained constant during the entire period of 1970-2004 OC. neither tended to converge nor tended to diverge during almost all of the period of 1970-2004 OD. tended to diverge during the entire period This question:(s) possible 4 100- 90- 80- 70- 60- 40- Labor Force Participation Rate - Women 30- Labor Force Participation Rate - Men 20- Labor Force Participation Rate - Women 10- -100 -90 -80 -70 60 -50 --40…arrow_forwardWhat is meant by the seasonal adjustment of a time series? Explain why government agencies expend a large amount of effort on the seasonal adjustment of economic time series.arrow_forward
- Q 11. Which of the following is an example of time series data? a. Data on the number of vacancies in various departments of an organization in a particular month b. Data on the consumption of wheat by 200 households during a year c. Data on the unemployment rates in different parts of a country during a year d. Data on the gross domestic product of a country over a period of 10 yearsarrow_forwardPrint out the last page of this document and fill in the table according to the following information. The table on page 3 contains the population of the people in Boise every 10 years from 1910 to 2020. (a) Find the AROC for each interval of consecutive decades and write the value in the table on page 3. The first value is given as an example. (b) Find in the best approximation of the ROC for each decade in the table from 1920 through 2010. The first value is given as an example. (c) Find the AROC of the ROC for each interval of consecutive decades from 1920 to 2010 and write the value in the table on page 3. The first value is given as an example.arrow_forwardTime series analysis examines ________________ over _____________. 1) different companies, different periods 2) different companies, same period 3) same company, different periods 4) same company, same periodarrow_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:PEARSON
Engineering 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 Learning
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial 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