EBK BASIC BUSINESS STATISTICS
14th Edition
ISBN: 9780134685168
Author: STEPHAN
Publisher: YUZU
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 16, Problem 20PS
a.
To determine
Plot the time series.
b.
To determine
Explain the movement in the time series over the 52-year period.
c.
To determine
Determine the linear trend forecasting equation and plot the trend line.
c.
To determine
Determine the quadratic trend forecasting equation and plot the trend line.
e.
To determine
Determine the exponential trend forecasting equation and plot the results.
f.
To determine
Determine the appropriate model.
f.
To determine
Forecast the CPI for 2017 and 2018 using the most appropriate model.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
The monthly wags and cost of living index numbers for each year 1995 to 2000 are given below:
Year
1995
1996
1997
1998
1999
2000
Monthl wa es
3600
4000
4800
5200
5500
5900
Consumers price
100
104
115
160
210
260
In which year the real wage was
1. lowest
2. highest
A company estimates its sales for a particular year to be Rs.
24,00,000. The seasonal indices for sales are as follows:
Seasonal Index
75
Month
Seasonal Index
Month
July
August
September
October
102
104
January
February
March
80
100
98
128
137
102
April
May
June
November
82
119
December
73
Using this information, calculate estimates of monthly sales of the
company, Assume that there is no trend). (Delhi Univ., B. Com., Hons., 1979
A famous Chinese restaurant would like to find out the change in demand on its dim-sum.
After checking its purchase records in 2020 and 2021, the restaurant collected the data as
follows:
2020
2021
Items
Price ($)
Quantity
Price ($)
Quantity
Shrimp Dumpling
10
60
12
69
Spring Roll
7
51
62
Chicken Feet
8
73
9
77
(a)
Using 2020 as the base year, calculate the Laspeyres Price Index of
2021.
(b)
Using 2020 as the base year, calculate the Paasche Price Index of
2021.
(c)
Using the result in part (a) and (b), calculate the Fisher Price Index
of 2021.
Chapter 16 Solutions
EBK BASIC BUSINESS STATISTICS
Ch. 16 - If you are using exponential smoothing for...Ch. 16 - Consider a nine-year moving average used to smooth...Ch. 16 - You are using exponential smoothing on an annual...Ch. 16 - Prob. 4PSCh. 16 - Prob. 5PSCh. 16 - How have stocks performed in the past? The...Ch. 16 - Prob. 7PSCh. 16 - Prob. 8PSCh. 16 - Prob. 9PSCh. 16 - Prob. 10PS
Ch. 16 - The linear trend forecasting equation for an...Ch. 16 - There has been much publicity about bounces paid...Ch. 16 - Prob. 13PSCh. 16 - Prob. 14PSCh. 16 - Prob. 15PSCh. 16 - The data shown in the following table and stored...Ch. 16 - Prob. 17PSCh. 16 - Prob. 18PSCh. 16 - Prob. 19PSCh. 16 - Prob. 20PSCh. 16 - Prob. 21PSCh. 16 - Prob. 22PSCh. 16 - You are given an annual time series with 40...Ch. 16 - Prob. 24PSCh. 16 - Prob. 25PSCh. 16 - Prob. 26PSCh. 16 - Prob. 27PSCh. 16 - Prob. 28PSCh. 16 - Prob. 29PSCh. 16 - Using the average baseball salary from 200 through...Ch. 16 - Using the yearly amount of solar power generated...Ch. 16 - The following residuals are from a linear trend...Ch. 16 - Prob. 33PSCh. 16 - Prob. 34PSCh. 16 - Prob. 35PSCh. 16 - Prob. 36PSCh. 16 - Prob. 37PSCh. 16 - Prob. 38PSCh. 16 - Prob. 39PSCh. 16 - Prob. 40PSCh. 16 - In forecasting daily time-series data, how many...Ch. 16 - In forecasting a quarterly time series over the...Ch. 16 - Prob. 43PSCh. 16 - Prob. 44PSCh. 16 - Are gasoline prices higher during the height of...Ch. 16 - Prob. 46PSCh. 16 - Prob. 47PSCh. 16 - The file Silver-Q contains the price in London for...Ch. 16 - Prob. 49PSCh. 16 - What is a time series?Ch. 16 - What are the different components of a time-series...Ch. 16 - What is the difference between moving average and...Ch. 16 - Prob. 53PSCh. 16 - How does the least-squares linear trend...Ch. 16 - How does autoregressive modelling differ from the...Ch. 16 - What are the different approaches to choosing an...Ch. 16 - What is the major difference between using SYX and...Ch. 16 - How does forecasting for monthly or quarterly data...Ch. 16 - Prob. 60PSCh. 16 - The monthly commercial and residential prices for...Ch. 16 - The data stored in McDonalds represent the gross...Ch. 16 - Teachers’ Retirement System of the City of New...Ch. 16 - Prob. 64PS
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- Find the mean hourly cost when the cell phone described above is used for 240 minutes.arrow_forward. Prepare Index Numbers of prices for three years with average price as the Base from the data given below : Years Rate per Rupee Commodities А B 1990 4 kgs. 2 kgs 1 kgarrow_forwardPrepare index Numbers of price for three years with average price as base from the data given below : RATE PER RUPEE COMMODITIES C A B 4 kg. 3 kg. 10 kg. 1st year 3금 kg. 3 kg. 9 kg. 2nd year 2 kg. 9 kg. 3 kg. 3rd yeararrow_forward
- Example 18. Calculate chain Index number with 1995 as base from the following data : Average Whole Sale Price (in Rs.) Commodity 1995 1996 1997 1998 1999 20 16 28 35 21 25 30 24 36 45 20 25 30 24 30arrow_forwardMaximizing the profit of timber harvesting involves considering all of the following except: A. the interest rate B. the total costs of harvesting C. the ecological value of forest diversity D.the mean annual incrementarrow_forwardThe side-by-side bar graph available below shows the approximate average grade point average for the years 1991-1992, 1996-1997, 2001-2002, and 2006-2007 for colleges and universities. Complete parts (a) through (c) below. Click the icon to view the side-by-side bar graph. (a) Does the graph suggest that grade inflation is a problem in colleges? A. Yes, because the GPAS increased over time for all schools. B. No, because nothing can be concluded about individual GPAS from the averages. C. No, because the GPAS are different for each time period. D. Yes, because the GPAS are greater for private schools for every time period. (b) In public schools, the average GPA was 2.86 in 1991-1992 and 3.02 in 2006-2007. In private schools, the average GPA was 3.09 in 1991-1992 and 3.30 in 2006-2007. Determine the percentage increase in GPAs for public schools from 1991 to 2006. Determine the percentage increase in GPAs for private schools from 1991 to 2006. Which type of institution appears to have…arrow_forward
- a) The cost of an 'average' television has fallen over recent years. 2017 2018 2019 2020 £950 £820 £740 £630 Convert the costs into an index using 2017 as the base year.arrow_forwardThe Consumer Price Index provides a means of determining the purchasing power of the U.S. dollar from one year to the next. To use the Consumer Price Index to predict a price in a particular year, we can set up a proportion and compare it with a known price in another year as follows:(price in year A)/(index in year A)=(price in year B)/(index in year B)In 1986 the Consumer Price Index was 109.6 and in 2010 it was 218.1. Find the amount that would be charged in 2010 for the use of the same amount of electricity that cost $110 in 1986. Give your answer to the nearest dollar.arrow_forwardFrom the following data relating to the annual wages and the price indic determine by deflation : (i) The purchasing power of money (ii) Real wages and (iii) Real wage index. Year: 1992 1993 1994 1995 1996 1997 1998 Wages (Rs.): Price indices: 180 220 340 360 365 370 375 100 170 300 320 330 340 350 Also, ascertain the amount of wages and the percentage increase neededa 1998 to provide a buying power equal to that enjoyed in 1992.arrow_forward
- Below are the CPIS for three different European countries from 2016 to 2019: Country CPI in 2016 CPI in 2017 CPI in 2018 CPI in 2019 United Kingdom 99.4 101.5 104.2 106.3 France 99 100.6 101.7 103.1 Germany 99.1 100.8 102 103.3 (a) Which country / countries experienced inflation from 2016 to 2019? (b) Calculate the percentage changes in CPIS from 2018 to 2019 for each country. (c) If the prices of a country, it was the cheapest in 2019? roduct wer the same in these three countries in 2018, in whicharrow_forwardAnswer with the data provided: a. Using the segregation equation, determine what will be the contribution of the General Fund in the year2023-24?b. Determine the function corresponding to the ratio of change of the contribution with respect to time.c. Determine the average change ratio for 2021-22.Explain what this change means.arrow_forwardConsider the table of prices (£): Turnip Broccoli 2016 10 12 2017 2018 14 18 13 17 The fixed quantities for turnip and broccoli are 26.5kg and 27.8kg, respectively. What is the aggregated index using the Basket of Goods approach in 2018 based in 2017? (1 d.p.)arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- College Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage Learning
College Algebra (MindTap Course List)
Algebra
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:Cengage Learning
01 - What Is A Differential Equation in Calculus? Learn to Solve Ordinary Differential Equations.; Author: Math and Science;https://www.youtube.com/watch?v=K80YEHQpx9g;License: Standard YouTube License, CC-BY
Higher Order Differential Equation with constant coefficient (GATE) (Part 1) l GATE 2018; Author: GATE Lectures by Dishank;https://www.youtube.com/watch?v=ODxP7BbqAjA;License: Standard YouTube License, CC-BY
Solution of Differential Equations and Initial Value Problems; Author: Jefril Amboy;https://www.youtube.com/watch?v=Q68sk7XS-dc;License: Standard YouTube License, CC-BY