A company in the fruit industry bases its annual sales projections on total industry results. Below are company's total demand and sales data for the last 11 years.
A company in the fruit industry bases its annual sales projections on total industry results. Below are company's total demand and sales data for the last 11 years.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
100%
COURSE: STATISTICS AND PROBABILITY -
A company in the fruit industry bases its annual sales projections on total industry results. Below are company's total demand and sales data for the last 11 years.
| Total demand (thousands of tons) | Total Sales ($ Millions) |
| 304 | 14 |
| 334 | 9 |
| 608 | 18 |
| 502 | 11 |
| 319 | 8 |
| 593 | 15 |
| 426 | 12 |
| 213 | 6 |
| 426 | 11 |
| 441 | 15 |
| 578 | 21 |
Request:
a) Construct a
b) Using least squares method (LSM), find the regresion line that best fits company's sales as a
c) If total industrial demand is 400,000 tons, using linear regression model obtained in b), indicate sales volume.
d) Based on what is observed from the model, is it a good model? Provide technical arguments in this regard.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman