Despite the growth in digital entertainment, the nation’s 400 amusement parks have managed to hold on to visitors. A manager collects data on the number of visitors (in millions) to amusement parks in the United States. A portion of the data is shown in the accompanying table. *******I REQUIRE A DETAILED EXPLANATION OF HOW TO SOLVE B-2, C-1, AND C-2!!! I NEED TO SEE HOW THE VALUES ARE CALCULATED USING EXCEL!!!********* ***DATA TABLE FROM DATA FILE IS AT BOTTOM OF THIS POST*** B-1) Estimate a linear trend model and an exponential trend model for the sample. (Round your answers to 2 decimal places.)
Despite the growth in digital entertainment, the nation’s 400 amusement parks have managed to hold on to visitors. A manager collects data on the number of visitors (in millions) to amusement parks in the United States. A portion of the data is shown in the accompanying table.
*******I REQUIRE A DETAILED EXPLANATION OF HOW TO SOLVE B-2, C-1, AND C-2!!!
I NEED TO SEE HOW THE VALUES ARE CALCULATED USING EXCEL!!!*********
***DATA TABLE FROM DATA FILE IS AT BOTTOM OF THIS POST***
B-1) Estimate a linear trend model and an exponential trend model for the sample. (Round your answers to 2 decimal places.)
| Variable | Linear Trend | Exponential Trend | |
|---|---|---|---|
| Intercept | 358.83 | 5.88 | |
| T | -5.70 | -0.02 | |
| Standard Error | 18.30 |
0.05 |
B-2 Calculate the MSE for both trends. (Do not round estimates or intermediate calculations. Round final answers to 2 decimal places.)
| Linear Trend | Exponential Trend | |
|---|---|---|
| MSE | ? |
? |
c-1. Using the model of best fit, make a forecast for visitors to amusement parks in 2008. (Do not round estimates or intermediate calculations. Round your answer to 1 decimal place.)
| Y Hat or Y^ | ? | Million Visitors |
c-2. Using the model of best fit, make a forecast for visitors to amusement parks in 2009. (Do not round estimates or intermediate calculations. Round your answer to 1 decimal place.)
| Y Hat or Y^ | ? | Million Views |
***DATA FROM DATA FILE BELOW***
| Year | Visitors |
| 2000 | 352 |
| 2001 | 348 |
| 2002 | 377 |
| 2003 | 315 |
| 2004 | 342 |
| 2005 | 345 |
| 2006 | 315 |
| 2007 | 317 |
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 4 images
