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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 ($) Year Cost/Unit ($) 5 Year 1 2 3 $ 4 20.10 24.40 28.10 27.40 6 7 8 26.50 29.90 31.10 35.90 (a) Construct a time series plot. What type of pattern exists in the data? O The time series plot shows a horizontal pattern. O The time series plot shows a linear trend. The time series plot shows a seasonal pattern. The time series plot shows a nonlinear 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 = b₂ = (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 ($) Year Cost/Unit ($) 5 Year 1 2 3 $ 4 20.10 24.40 28.10 27.40 6 7 8 26.50 29.90 31.10 35.90 (a) Construct a time series plot. What type of pattern exists in the data? O The time series plot shows a horizontal pattern. O The time series plot shows a linear trend. The time series plot shows a seasonal pattern. The time series plot shows a nonlinear 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 = b₂ = (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. Cost/Unit ($) Year Year 1 2 3 $ 4 20.10 24.40 28.10 27.40 5 6 7 8 Cost/Unit ($) 26.50 29.90 31.10 35.90 (a) Construct a time series plot. What type of pattern exists in the data? The time series plot shows a horizontal pattern. O The time series plot shows a linear trend. O The time series plot shows a seasonal pattern. The time series plot shows a nonlinear 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 $) for the next year. (Round your answer to two decimal places.)
Transcribed Image Text:The president of a small manufacturing firm is concerned about the continual increase in manufacturing costs over the past several years. The following figures provide a time series of the cost per unit for the firm's leading product over the past eight years. Cost/Unit ($) Year Year 1 2 3 $ 4 20.10 24.40 28.10 27.40 5 6 7 8 Cost/Unit ($) 26.50 29.90 31.10 35.90 (a) Construct a time series plot. What type of pattern exists in the data? The time series plot shows a horizontal pattern. O The time series plot shows a linear trend. O The time series plot shows a seasonal pattern. The time series plot shows a nonlinear 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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