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The president of a small manufacturing firm is concerned about the continual increase in manufacturing costs over the past several years. The following. figures provide a time series of the cost per unit for the firm's leading product over the past eight years. Cost/Unit ($) Year 1 = 2 3 4 Cost/Unit ($) 20.00 24.50 28.20 27.50 Year 5 8 26.60 30.00 31.00 36.00 (a) Construct a time series plot. What type of pattern exists in the data? O The time series plot shows a seasonal pattern. O The time series plot shows a horizontal pattern. O The time series plot shows a nonlinear trend. O The time series plot shows a linear trend. (b) Use simple linear regression analysis to find the parameters for the line that minimizes MSE for this time series. (Round your answers to two decimal places.) bo = b₁ (c) What is the average cost increase (in $) that the firm has been realizing per year? (Round your answer to two decimal places.) $ (d) Compute an estimate of the cost/unit (in $) for the next year. (Round your answer to two decimal places.) $

The president of a small manufacturing firm is concerned about the continual increase in manufacturing costs over the past several years. The following. figures provide a time series of the cost per unit for the firm's leading product over the past eight years. Cost/Unit ($) Year 1 = 2 3 4 Cost/Unit ($) 20.00 24.50 28.20 27.50 Year 5 8 26.60 30.00 31.00 36.00 (a) Construct a time series plot. What type of pattern exists in the data? O The time series plot shows a seasonal pattern. O The time series plot shows a horizontal pattern. O The time series plot shows a nonlinear trend. O The time series plot shows a linear trend. (b) Use simple linear regression analysis to find the parameters for the line that minimizes MSE for this time series. (Round your answers to two decimal places.) bo = b₁ (c) What is the average cost increase (in $) that the firm has been realizing per year? (Round your answer to two decimal places.) $ (d) Compute an estimate of the cost/unit (in $) for the next year. (Round your answer to two decimal places.) $

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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The president of a small manufacturing firm is concerned about the continual increase in manufacturing costs over the past several years. The following figures provide a time series of the cost per unit for the firm's leading product over the past eight years. Year 1 2 = 3 4 Cost/Unit ($) Year 20.00 24.50 28.20 27.50 5 6 7 8 Cost/Unit ($) 26.60 30.00 31.00 36.00 (a) Construct a time series plot. What type of pattern exists in the data? O The time series plot shows a seasonal pattern. O The time series plot shows a horizontal pattern. O The time series plot shows a nonlinear trend. O The time series plot shows a linear trend. (b) Use simple linear regression analysis to find the parameters for the line that minimizes MSE for this time series. (Round your answers to two decimal places.) bo = b₁ (c) What is the average cost increase (in $) that the firm has been realizing per year? (Round your answer to two decimal places.) $ (d) Compute an estimate of the cost/unit (in $) for the next year. (Round your answer to two decimal places.) $
Transcribed Image Text:The president of a small manufacturing firm is concerned about the continual increase in manufacturing costs over the past several years. The following figures provide a time series of the cost per unit for the firm's leading product over the past eight years. Year 1 2 = 3 4 Cost/Unit ($) Year 20.00 24.50 28.20 27.50 5 6 7 8 Cost/Unit ($) 26.60 30.00 31.00 36.00 (a) Construct a time series plot. What type of pattern exists in the data? O The time series plot shows a seasonal pattern. O The time series plot shows a horizontal pattern. O The time series plot shows a nonlinear trend. O The time series plot shows a linear trend. (b) Use simple linear regression analysis to find the parameters for the line that minimizes MSE for this time series. (Round your answers to two decimal places.) bo = b₁ (c) What is the average cost increase (in $) that the firm has been realizing per year? (Round your answer to two decimal places.) $ (d) Compute an estimate of the cost/unit (in $) for the next year. (Round your answer to two decimal places.) $
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