Statistical Techniques in Business and Economics
16th Edition
ISBN: 9780077639723
Author: Lind
Publisher: Mcgraw-Hill Course Content Delivery
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Chapter 18, Problem 35CE
To determine
Obtain the linear trend equation.
Obtain the non-linear trend equation.
Identify the best equation.
Estimate the cost per gallon for 2013 and 2014.
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The accompanying data represent the yearly amount of solar power installed (in megawatts) in a particular area from
2000 through 2008. The trend forecasting equations below were found, where X is the number of years after 2000.
Complete parts (a) through (d) below.
= -10.711 +28.9000X₁
₁ = 22.70 +0.259X; +3.5801X?
Click the icon to view the data table.
a. Compute the standard error of the estimate (Syx) for each model.
Linear
Quadratic
Syx
22.431
8.032
(Round to three decimal places as needed.)
b. Compute the MAD for each model.
Linear
Quadratic
MAD
64.222
66.873
(Round to three decimal places as needed.)
c. On the basis of (a) and (b) and the principle of parsimony, which forecasting model would you select?
The model with the smallest values of Syx and MAD should be used, which is the quadratic model.
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of 11
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5. The table shows how the cost of a carne asada taco at my favorite taco
stand has increased as they have become more popular since their
opening in 2013. Use the data to answer the questions below.
Year, x
2013, 0 2014, 1
2015, 2 2016, 3 2017, 4 2018, 5 2019,6
Cost ($) 0.50
0.55
0.65
0.75
0.90
1.00
1.10
(a) What is the regression line given by your TI-84 for this data?
Round values to 3 decimal places.
(b) Using the regression equation above, predict the cost of a carne asada
taco at my favorite taco stand in 2020. Show the work.
The accompanying data represent the yearly amount of solar power installed (in megawatts) in a particular area from 2000 through 2008. The trend forecasting equations
below were found, where X is the number of years after 2000. Complete parts (a) through (d) below.
Y = -11.578 +28.7000X
Y₁ = 19.29 +2.241X; +3.3074X
Click the icon to view the data table.
a. Compute the standard error of the estimate (Syx) for each model.
Linear
Syx
(Round to three decimal places as needed.)
b. Compute the MAD for each model.
Linear
Quadratic
The model with the
Quadratic
...
MAD
(Round to three decimal places as needed.)
c. On the basis of (a) and (b) and the principle of parsimony, which forecasting model would you select?
✓values of Syx and MAD should be used, which is the
model.
Yearly Amount of Solar
Power Installed
Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
Print
Amount
(megawatts)
15
24
41
66
86
100
138
210
249
D
Done
Chapter 18 Solutions
Statistical Techniques in Business and Economics
Ch. 18 - Prob. 1SRCh. 18 - Calculate a four-quarter weighted moving average...Ch. 18 - Prob. 2ECh. 18 - Prob. 2SRCh. 18 - Prob. 3ECh. 18 - Prob. 4ECh. 18 - Prob. 5ECh. 18 - Prob. 6ECh. 18 - Sales at Tomlin Manufacturing from 2009 to 2013...Ch. 18 - Prob. 7E
Ch. 18 - Prob. 8ECh. 18 - Prob. 4SRCh. 18 - Prob. 9ECh. 18 - Prob. 10ECh. 18 - Prob. 5SRCh. 18 - Prob. 11ECh. 18 - Prob. 12ECh. 18 - Refer to Exercise 9 regarding the absences at...Ch. 18 - Prob. 14ECh. 18 - Prob. 15ECh. 18 - Prob. 16ECh. 18 - Prob. 17CECh. 18 - Prob. 18CECh. 18 - Prob. 19CECh. 18 - Prob. 20CECh. 18 - Prob. 21CECh. 18 - Prob. 22CECh. 18 - Prob. 23CECh. 18 - Prob. 24CECh. 18 - Prob. 25CECh. 18 - Prob. 26CECh. 18 - Prob. 27CECh. 18 - The quarterly production of pine lumber, in...Ch. 18 - Prob. 29CECh. 18 - Sales of roof material, by quarter, for 2007...Ch. 18 - Blueberry Farms Golf and Fish Club of Hilton Head,...Ch. 18 - Prob. 32CECh. 18 - Ray Anderson, owner of Anderson Ski Lodge in...Ch. 18 - Prob. 34CECh. 18 - Prob. 35CECh. 18 - Prob. 36CECh. 18 - Consider the variable mean amount per transaction...Ch. 18 - Prob. 38CECh. 18 - Prob. 39DECh. 18 - Prob. 1PCh. 18 - Prob. 2PCh. 18 - Prob. 3PCh. 18 - Prob. 1.1PTCh. 18 - Prob. 1.2PTCh. 18 - Prob. 1.3PTCh. 18 - Prob. 1.4PTCh. 18 - Prob. 1.5PTCh. 18 - Prob. 1.6PTCh. 18 - Prob. 1.7PTCh. 18 - Prob. 1.8PTCh. 18 - Prob. 1.9PTCh. 18 - Prob. 1.10PTCh. 18 - Prob. 2.1PTCh. 18 - Listed below are the price and quantity of several...Ch. 18 - Prob. 2.3PT
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- Does Table 2 represent a linear function? If so, finda linear equation that models the data.arrow_forwardIf you travel 100 miles in two hours, then your average speed for the trip is Average speed=_________=________arrow_forwardTable 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_forward
- The accompanying data represent the yearly amount of solar power installed (in megawatts) in a particular area from 2000 through 2008. The trend forecasting equations below were found, where X is the number of years after 2000. Complete parts (a) through (d) below. Y₁ = -9.689 +28.8667X₁ Y₁ = 21.02 +2.546X; +3.2900X² Click the icon to view the data table. a. Compute the standard error of the estimate (Syx) for each model. Linear Quadratic Syx (Round to three decimal places as needed.) b. Compute the MAD for each model. Linear Quadratic MAD (Round to three decimal places as needed.) c. On the basis of (a) and (b) and the principle of parsimony, which forecasting model would you select? The model with the ✔values of Syx and MAD should be used, which is the ▼model. Yearly Amount of Solar Power Installed Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 Amount (megawatts) 13 30 44 Print 73 86 95 145 214 252 Q Done Xarrow_forwardAnswer the circled onesarrow_forwardUsing the accompanying Student Grades data, construct a scatter chart for midterm versus final exam grades and add a linear trendline. What is the model? If a student scores 70 on the midterm, what would you predict her grade on the final exam to be? Click the icon to view the Student Grades data. Choose the correct scatter chart and linear trendline for the data. Click here to view chart b. Click here to view chart d Click here to view chart a Click here to view chart c What is the model for the trendline? Final Exam Grade = =+xMidterm Grade (Round to three decimal places as needed.) Final Chart b 1201 100- 80- 60- 40- 20- 0+ 50 60 70 80 90 100 110 Midterm - - Xarrow_forward
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