Answered: Forecasting. Using X =20 and P = 5 as…

Forecasting. Using X =20 and P = 5 as reference points, A. Calculate a point forecast of future sales. B. Construct an approximate 95% confidence interval for forecast sales

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Question

Y1 Sales	Xi Adv	Y Price
3	1	8
4	2	7.5
6	3	7.25
5	4	7.25
7	5	6
6	6	6.75
5	7	6
9	8	5
10	9	4.4
9	10	5.2

Forecasting. Using X =20 and P = 5 as reference points,

A. Calculate a point forecast of future sales.

B. Construct an approximate 95% confidence interval for forecast sales

C. Identify two factors that would affect your confidence in your forecast interval

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