Statistics for Management and Economics (Book Only)
11th Edition
ISBN: 9781337296946
Author: Gerald Keller
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 20.5, Problem 41E
To determine
Average seasonal index.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
This is how I interpret the question units of slope: distance/time?asap
The following gives the number of accidents that occurred on Florida State Highway 101 during the last 4 months:
Jan Feb Mar AprMonth 1 2 3 4Number of Accidents 30 40 70 105
Using the
least-squares regression method, the trend equation for forecasting is (round your responses to two decimal
places):
y = ? + ?x
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?
Chapter 20 Solutions
Statistics for Management and Economics (Book Only)
Ch. 20.2 - Prob. 1ECh. 20.2 - Prob. 2ECh. 20.2 - Prob. 3ECh. 20.2 - Prob. 4ECh. 20.2 - Prob. 5ECh. 20.2 - Prob. 6ECh. 20.2 - Prob. 7ECh. 20.2 - Prob. 8ECh. 20.2 - Prob. 9ECh. 20.2 - Prob. 10E
Ch. 20.2 - Prob. 11ECh. 20.2 - Prob. 12ECh. 20.2 - Prob. 13ECh. 20.2 - Prob. 14ECh. 20.2 - Prob. 15ECh. 20.2 - Prob. 16ECh. 20.2 - Prob. 17ECh. 20.3 - Prob. 18ECh. 20.3 - Prob. 19ECh. 20.3 - Prob. 20ECh. 20.3 - Prob. 21ECh. 20.3 - Prob. 22ECh. 20.3 - Prob. 23ECh. 20.3 - Prob. 24ECh. 20.3 - Prob. 25ECh. 20.3 - Prob. 26ECh. 20.3 - Prob. 27ECh. 20.3 - Prob. 28ECh. 20.3 - Xr20-29 A manufacturer of ski equipment is in the...Ch. 20.4 - Prob. 30ECh. 20.4 - Prob. 31ECh. 20.4 - Prob. 32ECh. 20.4 - Prob. 33ECh. 20.5 - Prob. 34ECh. 20.5 - Prob. 35ECh. 20.5 - Prob. 36ECh. 20.5 - Prob. 37ECh. 20.5 - Prob. 38ECh. 20.5 - Prob. 39ECh. 20.5 - Prob. 40ECh. 20.5 - Prob. 41ECh. 20.5 - Prob. 42ECh. 20.5 - Prob. 43ECh. 20.5 - Prob. 44ECh. 20.5 - Prob. 45ECh. 20.5 - Prob. 46ECh. 20.5 - Prob. 47ECh. 20.5 - Prob. 48ECh. 20.5 - Prob. 49ECh. 20.5 - Prob. 50ECh. 20.5 - Prob. 51ECh. 20.5 - Prob. 52E
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
- In Colorado, sales of medical marijuana began in November 2012; however, the Department of Revenue did not report tax collection data until February of 2014. The accompanying data file includes monthly revenue from medical and retail marijuana tax and fee collections as posted in the Colorado state accounting system. Use the linear trend model (no seasonality) to forecast the tax revenue for November and December of 2018. Date Revenue February/14 3,519,756 March/14 4,092,575 April/14 4,980,992 May/14 5,273,355 June/14 5,715,707 July/14 6,522,085 August/14 7,407,450 September/14 7,741,167 October/14 7,232,870 November/14 7,642,800 December/14 7,465,568 January/15 8,558,141 February/15 8,802,295 March/15 9,099,395 April/15 9,979,643 May/15 10,617,311 June/15 11,326,452 July/15 10,856,584 August/15 12,811,437 September/15 13,181,758 October/15 11,656,736 November/15 11,290,012 December/15…arrow_forwardForecast the average number of viewers during the 2009 season using a three-period weighted moving average with weights 3, 2, and 1, applying 3 to the most recent data and 1 to the oldest data.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
- 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_forwardThe following is data on income (IDR 1,000) and the Consumer Price Index (CPI) with the base year 2014 Question: - Before working on the questions below, please change the base year to 2015 - Find the actual income each year with the 2015 base year - Determine the purchasing power of the currency for 2015 to 2019arrow_forwardGive an analysis of Elephant Chart by Branko Milanovic.arrow_forward
- This is how I interpret the question units of slope: distance/timearrow_forwardName two coincident indicators used in forecastingarrow_forwardA statistics instructor asks each student in his classes to report how much the student spent on textbooks for the semester. The figures reported by students are shown below. 725 735 555 420 385 480 505 270 405 285 585 450 515 560 500 395 545 595 365 455 505 345 555 485 560 475 520 455 355 590 550 495 505 505 495 465 370 355 480 385 515 605 480 410 485 560 475 350 465 435 455 380 320 535 565 520 510 495 485 650 490 295 555 540 565 490 570 380 610 600 390 375 390 335 525 445 540 490 485 555 440 560 405 590 520 470 560 510 340 385 585 635 415 455 590 385 505 510 545 405 470 560 495 515 495 595 565 615 470 680 465 470 310 470 505 465 375 360 650 460 560 500 375 500 370 415 490 440 470 525 535 640 385 475 425 595 505 365 485 495 390 380 585 690 Treat the data above as POPULATION data. 1 The mean expenditure on textbooks by all students is: a $485.38 b $495.29 c $505.40 d $515.71arrow_forward
- What 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_forwardA financial institution may want to compare its performance with those of others. This can be done by comparing with the __________ index.arrow_forwardDefine Forecasts and forecast errors in time series anaylsis?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
Sales Management | Sales management Process; Author: Educationleaves;https://www.youtube.com/watch?v=6tDfPoEOOoE;License: Standard youtube license