Fit a linear trend equation by the method of least squares. Determine the predicted value of trend for 1982 and 1985.
Fit a linear trend equation by the method of least squares. Determine the predicted value of trend for 1982 and 1985.
Contemporary Marketing
18th Edition
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Louis E. Boone, David L. Kurtz
Chapter14: Pricing Strategies
Section14.2: Forecasting Demand
Problem 1LO
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Question
- The product of steel scrap from 1968-77 is given below:
Year |
1968 |
1969 |
1970 |
1971 |
1972 |
1973 |
1974 |
1975 |
1976 |
1977 |
Production (1000 tons) |
3255 |
3793 |
3976 |
3925 |
4122 |
4529 |
4903 |
3879 |
4251 |
4539 |
- Fit a linear trend equation by the method of least squares.
- Determine the predicted value of trend for 1982 and 1985.
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