(a) Forecast the demand for K10 when the tempera- ture is 70°F. (b) What is the demand for a temperature of 80°F? (c) What is the demand for a temperature of 90°F?
(a) Forecast the demand for K10 when the tempera- ture is 70°F. (b) What is the demand for a temperature of 80°F? (c) What is the demand for a temperature of 90°F?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Problems
4-9 John Smith has developed the following forecasting
model:
Ŷ = 36 + 4.3X₁
●
where
Ŷ = Demand for K10 air conditioners
X₁ = the outside temperature (°F)
(a) Forecast the demand for K10 when the tempera-
ture is 70°F.
(b) What is the demand for a temperature of 80°F?
(c) What is the demand for a temperature of 90°F?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff13f9663-b8f7-41d1-9b24-b69acf24efac%2Fd5013bd3-da18-4617-ac9e-a81464436149%2Foehfvvl.jpeg&w=3840&q=75)
Transcribed Image Text:Problems
4-9 John Smith has developed the following forecasting
model:
Ŷ = 36 + 4.3X₁
●
where
Ŷ = Demand for K10 air conditioners
X₁ = the outside temperature (°F)
(a) Forecast the demand for K10 when the tempera-
ture is 70°F.
(b) What is the demand for a temperature of 80°F?
(c) What is the demand for a temperature of 90°F?
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