Café Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the price being charged. Based on historical observations, Gary hasgathered the following data, which show the numbers of these coffees sold over six different price values:ITPriceNumber Sold$2.60$3.60$2.00$4.20$3.10$4.00770505975250315490Using simple linear regression and given that the price per cup is $1.85, the forecasted demand for mocha latte coffees will becups (enter your response rounded toone decimal place).

Given data: X Y 2.60 770 3.60 505 2.00 975 4.20 250 3.10 315 4.00 490 19.50 3305

Answered: Café Michigan's manager, Gary Stark,…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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1. Favors Distribution Company purchases small imported trinkets in bulk, packages them, and sells them to retail stores. They are conducting an inventory control study of all their items. The following data for the year 2006 are for one such item, which is not seasonal. [10 Points] Month Sales Jan Feb 18 19 Mar Apr May Jun 17 21 20 19 Jul 20 Aug 23 a. Use trend projection to estimate the relationship between time and sales (state the trend line equation in this problem). b. Calculate forecasts for February 2007, April 2007, and February 2008
Café Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the price being charged. Based on historical observations, Gary has gathered the following data, which show the numbers of these coffees sold over six different price values: Price $2.70 $3.50 $2.10 $4.10 $3.10 $4.05 Number Sold 765 515 990 245 320 480 Using simple linear regression and given that the price per cup is $1.85, the forecasted demand for mocha latte coffees will be cups (enter your response rounded to one decimal place).
The following data are for calculator sales in units at an electronics store over the past nine weeks: Week Sales Week Sales 45 6 53 50 7 59 44 8 59 51 64 57 Use trend projection with regression to forecast sales for weeks 10 - 13. What are the error measures (CFE, MSE, G. MAD, and MAPE) for this forecasting procedure? How about ?? Obtain the trend projection with regression forecast for weeks 10 - 13. (Enter your responses rounded to two decimal places.) Period Forecast, F 10 64.81 11 67.06 12 69.31 13 71.56 Obtain the error measures. (Enter your responses rounded to two decimal places.) CFE MSE MAD MAPE 6.72 2.75 2.1 4.1 % Find the coefficient of determination (). The coefficient of determination ? = (Enter your response rounded to two decimal places.)
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The Yummy Ice Cream Company projects the demand for ice cream by using first-order exponential smoothing. Last week the forecast was 100,000 gallons of ice cream, and 90,000 gallons was actually sold. Using alpha=.1, prepare a forecast for next week. Calculate the forecast using Alpha=.2 and Alpha=.3 for this problem. Which values of Alpha gave the best forecast, assuming actual demand for next week ends up being 95,000 gallons?
The following data are for calculator sales in units at an electronics store over the past nine weeks: Week Sales Week Sales 1 45 6. 53 2 50 7 59 3 44 59 4 51 9 64 5 57 Use trend projection with regression to forecast sales for weeks 10 - 13. What are the error measures (CFE, MSE, G. MAD, and MAPE) for this forecasting procedure? How about ? Obtain the trend projection with regression forecast for weeks 10 - 13. (Enter your responses rounded to two decimal places.) Period Forecast, F, 10 11 12 13
Café Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the price being charged. Based on historical observations, Gary has gathered the following data, which show the numbers of these coffees sold over six different price values: D Price $2.50 $3.40 $2.10 $4.30 $3.00 $4.10 Using simple linear regression and given that the price per cup is $1.75, the forecasted demand for mocha latte coffees will be cups (enter your response rounded to one decimal place). Number Sold 765 515 975 245 315 480
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