Statistics for Business and Economics
1st Edition
ISBN: 9780132745680
Author: NEWBOLD, Paul/ Carlson
Publisher: Pearson College Div
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 1.6, Problem 49E
(a)
To determine
Draw the times series plot with vertical scale from 92 to 106.
(b)
To determine
Draw the times series plot with vertical scale from 75 to 120.
(c)
To determine
Describe difference between the two time serious plots.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The 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.
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?
Describe A time-ordered sequence of observations taken at regular intervals.
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
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
- 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.arrow_forwardSuppose 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?arrow_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
- 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.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_forwardDefine Nonstationarity? Explain the two most important types of nonstationarity in economic time series data?arrow_forward
- If possible please use uniform series and geometric/arithmetic series with the table to solve the problems!arrow_forwardIndicate if the following data sets represent time-series, cross section or panel data.a- Number of the registered students of the North Cyprus Universities between the years 1995 and 2016. ___________________b- Inflation rate of the EU members in 2020. ___________________c- FDI to Turkey between the years 1990 and 2016. ___________________d- Employment rate in Zimbabwe over the months from 2018 January to 2020 December. _________________2- Give the number of observations of the following data sets ?a- Inflation rate of the EU members in 2020. ___________________b- FDI to Turkey over the years from 1990 to 2016. ___________________c- Employment rate in Zimbabwe over the months from 2018 January to 2020 December. _________________arrow_forwardA 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_forward
- 1- Indicate if the following data sets represent time-series, cross section or panel data . a- Number of the registered students of the Pretoria Universities between the years 1995 and 2016. ___________________ b- Inflation rate of the EU members in 2020. ___________________ c- FDI to Turkey between the years 1990 and 2016. ___________________ d- Employment rate in Zimbabwe over the months January to 2020 December.arrow_forwardDefine and briefly explain the nature and structure of the following terms. Cross sectional data and time series data.arrow_forwardThe economic crisis of 2008 affected many countries, though some more than others. Some people in Australia have claimed that Australia wasn’t hurt that badly from the crisis. The bank assets (in billions of Australia dollars (AUD)) of the Reserve Bank of Australia (RBA) for the time period of March 2007 through March 2013 are contained in table #2.3.11 ("B1 assets of," 2013). Create a time-series plot and interpret any findings. Table #2.3.11: Data of Date versus RBA Assets Date Assets in billions of AUD Mar-2006 96.9 Jun-2006 107.4 Sep-2006 107.2 Dec-2006 116.2 Mar-2007 123.7 Jun-2007 134.0 Sep-2007 123.0 Dec-2007 93.2 Mar-2008 93.7 Jun-2008 105.6 Sep-2008 101.5 Dec-2008 158.8 Mar-2009 118.7 Jun-2009 111.9 Sep-2009 87.0 Dec-2009 86.1 Mar-2010 83.4 Jun-2010 85.7 Sep-2010 74.8 Dec-2010 76.0 Mar-2011 75.7 Jun-2011 75.9 Sep-2011 75.2…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: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
Forecasting: Exponential Smoothing, MSE; Author: Joshua Emmanuel;https://www.youtube.com/watch?v=k_HN0wOKDd0;License: Standard Youtube License