Statistics for Business & Economics, Revised (MindTap Course List)
12th Edition
ISBN: 9781285846323
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: South-Western College Pub
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Textbook Question
Chapter 17.4, Problem 23E
The president of a small manufacturing firm is concerned about the continual increase in manufacturing costs over the past several years. The following figures provide a time series of the cost per unit for the firm’s leading product over the past eight years.
| Year | Cost/Unit ($) | Year | Cost/Unit ($) |
| 1 | 20.00 | 5 | 26.60 |
| 2 | 24.50 | 6 | 30.00 |
| 3 | 28.20 | 7 | 31.00 |
| 4 | 27.50 | 8 | 36.00 |
- a. Construct a time series plot. What type of pattern exists in the data?
- b. Develop the linear trend equation for this time series.
- c. What is the average cost increase that the firm has been realizing per year?
- d. Compute an estimate of the cost/unit for next year.
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The Hungry Person restaurant has posted its sales (in thousands of dollars) for the last two years.
Month
1st Year
2nd Year
January
201
216
February
216
223
March
232
240
April
201
244
May
221
232
June
213
220
July
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August
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213
September
202
217
October
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November
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December
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a) Construct a time series plot in excel. (Label axes and graph)
b) Develop a four month moving average. Compute MSE and forecast the amount of sales for the next month.
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Coca-Cola Revenues ($ millions), 2014 to 2019
Quarter
2014
2015
2016
2017
2018
2019
Quarter 1
10.58
9.94
10.28
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8.02
Quarter 2
12.57
11.63
11.54
9.70
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Quarter 3
11.98
11.77
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10.87
10.13
9.41
7.51
5.36
9.07
What is the trend model for the deseasonalized time series? (Round your answers to 2 decimal places.)
State the model found when performing a regression using seasonal binaries. (A negative value should be indicated by a minus sign. Round your answers to 4 decimal places.)
Use the regression equation to make a prediction for each quarter in 2020. (Enter your answers in millions rounded to 3 decimal places.)
Consider the following annual progression of number of in-person customers of a store during January through the COVID years.
Year
Customers
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2019
576
2020
550
2021
100
2022
150
2023
600
2024
580
Find the “average” rate of growth of customers. What type of average would you use, so that if the growth were steady at that rate, you would end up with 580 customers in 2024? Also fill the blank spaces (except the top one) in the table with the appropriate growth rate (negative ok).
Chapter 17 Solutions
Statistics for Business & Economics, Revised (MindTap Course List)
Ch. 17.2 - Consider the following time series data. Week 1 2...Ch. 17.2 - Refer to the time series data in exercise 1. Using...Ch. 17.2 - Exercises 1 and 2 used different forecasting...Ch. 17.2 - Consider the following time series data. Month 1 2...Ch. 17.3 - Consider the following time series data. Week 1 2...Ch. 17.3 - Consider the following time series data. Month 1 2...Ch. 17.3 - Refer to the gasoline sales time series data in...Ch. 17.3 - Refer again to the gasoline sales time series data...Ch. 17.3 - With the gasoline time series data from Table...Ch. 17.3 - With a smoothing constant of = .2, equation...
Ch. 17.3 - For the Hawkins Company, the monthly percentages...Ch. 17.3 - Corporate triple-A bond interest rates for 12...Ch. 17.3 - The values of Alabama building contracts (in ...Ch. 17.3 - The following time series shows the sales of a...Ch. 17.3 - Ten weeks of data on the Commodity Futures Index...Ch. 17.3 - The U.S. Census Bureau tracks the median price for...Ch. 17.4 - Consider the following time series data. a....Ch. 17.4 - Prob. 18ECh. 17.4 - Consider the following time series. a. Construct a...Ch. 17.4 - Prob. 20ECh. 17.4 - Prob. 21ECh. 17.4 - Prob. 22ECh. 17.4 - The president of a small manufacturing firm is...Ch. 17.4 - FRED (Federal Reserve Economic Data), a database...Ch. 17.4 - Automobile unit sales at B. J. Scott Motors, Inc.,...Ch. 17.4 - Giovanni Food Products produces and sells frozen...Ch. 17.4 - Prob. 27ECh. 17.5 - Consider the following time series. a. Construct a...Ch. 17.5 - Consider the following time series data. a....Ch. 17.5 - The quarterly sales data (number of copies sold)...Ch. 17.5 - Air pollution control specialists in southern...Ch. 17.5 - South Shore Construction builds permanent docks...Ch. 17.5 - Prob. 33ECh. 17.5 - Three years of monthly lawn-maintenance expenses...Ch. 17.6 - Consider the following time series data. a....Ch. 17.6 - Refer to exercise 35. a. Deseasonalize the time...Ch. 17.6 - The quarterly sales data (number of copies sold)...Ch. 17.6 - Three years of monthly lawn-maintenance expenses...Ch. 17.6 - Air pollution control specialists in southern...Ch. 17.6 - Electric power consumption is measured in...Ch. 17 - The weekly demand (in cases) for a particular...Ch. 17 - The following table reports the percentage of...Ch. 17 - United Dairies. Inc., supplies milk to several...Ch. 17 - Prob. 44SECh. 17 - Prob. 45SECh. 17 - The Mayfair Department Store in Davenport, Iowa,...Ch. 17 - Canton Supplies, Inc., is a service firm that...Ch. 17 - The Costello Music Company has been in business...Ch. 17 - Consider the Costello Music Company problem in...Ch. 17 - Refer to the Costello Music Company problem in...Ch. 17 - Refer to the Costello Music Company time series in...Ch. 17 - Hudson Marine has been an authorized dealer for CD...Ch. 17 - Refer to the Hudson Marine problem in exercise 52....Ch. 17 - Refer to the Hudson Marine problem in exercise 53....Ch. 17 - Refer to the Hudson Marine data in exercise 53. a....Ch. 17 - Forecasting Food and Beverage Sales The Vintage...Ch. 17 - Forecasting Lost Sales The Carlson Department...
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