EBK STATISTICS FOR BUSINESS & ECONOMICS
12th Edition
ISBN: 8220100460463
Author: Anderson
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 17.3, Problem 16E
The U.S. Census Bureau tracks the
| Year | Price ($1000s) | Year | Price ($1000s) |
| 1990 | 130.0 | 2001 | 175.2 |
| 1991 | 121.0 | 2002 | 187.1 |
| 1992 | 120.0 | 2003 | 189.5 |
| 1993 | 127.0 | 2004 | 222.3 |
| 1994 | 129.0 | 2005 | 236.3 |
| 1995 | 134.0 | 2006 | 257.0 |
| 1996 | 140.0 | 2007 | 242.5 |
| 1997 | 150.0 | 2008 | 246.4 |
| 1998 | 148.0 | 2009 | 219.2 |
| 1999 | 159.9 | 2010 | 208.3 |
| 2000 | 162.6 | 2011 | 224.7 |
- a. Construct a time series plot. Comment on any pattern you observe. Discuss some of the factors that may have resulted in this time series plot.
- b. Given the time series plot in part (a), do you think the forecasting methods developed in this section are appropriate for this time series? Explain.
- c. To forecast a value for April 2012, how much of the past data would you use? Explain.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
In 2011 home prices and mortgage rates dropped so low that in a number of cities the monthly cost of owning a home was less expensive than renting. The following data show the average asking rent for 10 markets and the monthly mortgage on the median priced home (including taxes and insurance) for 10 cities where the average monthly mortgage payment was less than the average asking rent (The Wall Street Journal, November 26–27, 2011).Click on the datafile logo to reference the data.
Enter negative values as negative numbers.
a. Develop the estimated regression equation that can be used to predict the monthly mortgage given the average asking rent (to 2 decimals).The regression equation is:Mortgage ($) = + Rent ($)
In 2009-2012, the value of precious metals changed rapidly. The data in the accompanying table represents the total rate of return (in percentage) for platinum, gold, and silver from 2009
through 2012. Complete parts (a) through (c) below.
Click the icon to view data table for total rate of return for platinum, gold, and silver.
Click the icon to view the geometric mean rate of return for stock market indices.
a. Compute the geometric mean rate of return per year for platinum, gold, and silver from 2009 through 2012.
The geometric mean rate of return for platinum during this time period was %.
(Type an integer or decimal rounded to two decimal places as needed.)
Geometric mean rate of return for stock market indices
Stock indices Geometric mean rate of return
9.38%
11.89%
17.36%
A
B
C
Print
Done
D
Data table for total rate of return
56.8
Year Platinum Gold Silver
2012 6.4 0.6
2011 - 21.2 10.4 -9.3
2010 22.1 29.8 14.4
2009
53.5 23.8 46.7
Print
Done
- X
A
1
Year
2 2010
3 2011
4
2012
5 2013
6 2014
7 2015
8 2016
9 2017
10 2018
11 2019
12
17
B
Price
220100
226300
242700
261900
283100
303300
310100
326100
335200
318600
с
CPI
218.06
224.94
229.59
232.96
236.74
237.02
240.01
245.12
251.11
255.66
D
Chapter 17 Solutions
EBK STATISTICS FOR BUSINESS & ECONOMICS
Ch. 17.2 - Consider the following time series data. Week 1 2...Ch. 17.2 - Refer to the time series data in exercise 1. Using...Ch. 17.2 - Exercises 1 and 2 used different forecasting...Ch. 17.2 - Consider the following time series data. Month 1 2...Ch. 17.3 - Consider the following time series data. Week 1 2...Ch. 17.3 - Consider the following time series data. Month 1 2...Ch. 17.3 - Refer to the gasoline sales time series data in...Ch. 17.3 - Refer again to the gasoline sales time series data...Ch. 17.3 - With the gasoline time series data from Table...Ch. 17.3 - With a smoothing constant of = .2, equation...
Ch. 17.3 - For the Hawkins Company, the monthly percentages...Ch. 17.3 - Corporate triple-A bond interest rates for 12...Ch. 17.3 - The values of Alabama building contracts (in ...Ch. 17.3 - The following time series shows the sales of a...Ch. 17.3 - Ten weeks of data on the Commodity Futures Index...Ch. 17.3 - The U.S. Census Bureau tracks the median price for...Ch. 17.4 - Consider the following time series data. a....Ch. 17.4 - Prob. 18ECh. 17.4 - Consider the following time series. a. Construct a...Ch. 17.4 - Prob. 20ECh. 17.4 - Prob. 21ECh. 17.4 - Prob. 22ECh. 17.4 - The president of a small manufacturing firm is...Ch. 17.4 - FRED (Federal Reserve Economic Data), a database...Ch. 17.4 - Automobile unit sales at B. J. Scott Motors, Inc.,...Ch. 17.4 - Giovanni Food Products produces and sells frozen...Ch. 17.4 - Prob. 27ECh. 17.5 - Consider the following time series. a. Construct a...Ch. 17.5 - Consider the following time series data. a....Ch. 17.5 - The quarterly sales data (number of copies sold)...Ch. 17.5 - Air pollution control specialists in southern...Ch. 17.5 - South Shore Construction builds permanent docks...Ch. 17.5 - Prob. 33ECh. 17.5 - Three years of monthly lawn-maintenance expenses...Ch. 17.6 - Consider the following time series data. a....Ch. 17.6 - Refer to exercise 35. a. Deseasonalize the time...Ch. 17.6 - The quarterly sales data (number of copies sold)...Ch. 17.6 - Three years of monthly lawn-maintenance expenses...Ch. 17.6 - Air pollution control specialists in southern...Ch. 17.6 - Electric power consumption is measured in...Ch. 17 - The weekly demand (in cases) for a particular...Ch. 17 - The following table reports the percentage of...Ch. 17 - United Dairies. Inc., supplies milk to several...Ch. 17 - Prob. 44SECh. 17 - Prob. 45SECh. 17 - The Mayfair Department Store in Davenport, Iowa,...Ch. 17 - Canton Supplies, Inc., is a service firm that...Ch. 17 - The Costello Music Company has been in business...Ch. 17 - Consider the Costello Music Company problem in...Ch. 17 - Refer to the Costello Music Company problem in...Ch. 17 - Refer to the Costello Music Company time series in...Ch. 17 - Hudson Marine has been an authorized dealer for CD...Ch. 17 - Refer to the Hudson Marine problem in exercise 52....Ch. 17 - Refer to the Hudson Marine problem in exercise 53....Ch. 17 - Refer to the Hudson Marine data in exercise 53. a....Ch. 17 - Forecasting Food and Beverage Sales The Vintage...Ch. 17 - Forecasting Lost Sales The Carlson Department...
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_forwardFortune magazine's list of the world's most admired companies for 2014 is provided in the data contained in the file Admired Companies (Fortune magazine website). The data in the column labeled "Return" shows the one-year total return (%) for the top-ranked 50 companies. For the same time period the S&P average return was 18.4%. Click on the datafile logo to reference the data. DATA file a. Compute the median return for the top-ranked 50 companies (to 1 decimal). % b. What percentage of the top-ranked 50 companies had a one-year return greater than the S&P average return (to the nearest percent)? % c. Develop the five-number summary for the data. If required, round your answers to two decimals places. If required, enter negative values as negative numbers. Minimum First Quartile Median Third Quartile Maximum Returnarrow_forwardThe owner of Showtime Movie Theaters, Inc., would like to predict weekly gross revenue as a function of advertising expenditures. Historical data for a sample of eight weeks follow. Click on the datafile logo to reference the data .arrow_forward
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
Big Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin Harcourt
College Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage Learning
Functions and Change: A Modeling Approach to Coll...AlgebraISBN:9781337111348Author:Bruce Crauder, Benny Evans, Alan NoellPublisher:Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
College Algebra (MindTap Course List)
Algebra
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:Cengage Learning
Functions and Change: A Modeling Approach to Coll...
Algebra
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Cengage Learning
Correlation Vs Regression: Difference Between them with definition & Comparison Chart; Author: Key Differences;https://www.youtube.com/watch?v=Ou2QGSJVd0U;License: Standard YouTube License, CC-BY
Correlation and Regression: Concepts with Illustrative examples; Author: LEARN & APPLY : Lean and Six Sigma;https://www.youtube.com/watch?v=xTpHD5WLuoA;License: Standard YouTube License, CC-BY