Q 3.(A)Phoenix Lumber Company uses the number of construction permits issued to help estimatedemand (sales). The firm collected the following data on annual sales and number ofconstruction permits issued in its market area:No. of ConstructionSalesYearPermits Issued (000)(1,000,000)200320046.5010.3010.1010.5010.8011.206.2020056.60200620077.30200820097.808.208.3011.4011.30 (c)Calculate the coefficient of determination. Give an economic interpretation to thevalue obtained.(d) Suppose that 8,000 construction permits are expected to be issued in 2010.What would be the point estimate of Phoenix Lumber Company's sales for2010?3

Answered: Image /qna-images/answer/73d5d70c-d607-4924-81bc-e29b2207c4c4.jpg

(c) Calculate the coefficient of determination. Give an economic interpretation to the value obtained. (d) Suppose that 8,000 construction permits are expected to be issued in 2010. What would be the point estimate of Phoenix Lumber Company's sales for 2010?

(c) Calculate the coefficient of determination. Give an economic interpretation to the value obtained. (d) Suppose that 8,000 construction permits are expected to be issued in 2010. What would be the point estimate of Phoenix Lumber Company's sales for 2010?

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter12: Sequences, Series And Binomial Theorem

Section12.3: Geometric Sequences And Series

Problem 12.58TI: What is the total effect on the economy of a government tax rebate of $500 to each household in...

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Concept explainers

Average

In mathematics, everyone must have heard the term average in one place or other. Almost all types of calculation require taking out an average. In everyday life, the term is used for denoting a certain amount that can be said to be a typical quantity for multiple people or objects. In other words, if a group of people possesses a certain object, then the average gives us an idea regarding the quantity of the object possessed by each person. However, this is solely based on mathematical calculation. It is important to note that most people will not strictly have the average value in a group.

Question

100%

Q 3.
(A)
Phoenix Lumber Company uses the number of construction permits issued to help estimate
demand (sales). The firm collected the following data on annual sales and number of
construction permits issued in its market area:
No. of Construction
Sales
Year
Permits Issued (000)
(1,000,000)
2003
2004
6.50
10.30
10.10
10.50
10.80
11.20
6.20
2005
6.60
2006
2007
7.30
2008
2009
7.80
8.20
8.30
11.40
11.30

(c)
Calculate the coefficient of determination. Give an economic interpretation to the
value obtained.
(d) Suppose that 8,000 construction permits are expected to be issued in 2010.
What would be the point estimate of Phoenix Lumber Company's sales for
2010?
3

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