Loose Leaf for Statistical Techniques in Business and Economics
17th Edition
ISBN: 9781260152647
Author: Douglas A. Lind
Publisher: McGraw-Hill Education
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Chapter 18, Problem 22CE
a.
To determine
Determine the logarithmic trend equation.
b.
To determine
Estimate the advertisement expenses for the year 2020.
c.
To determine
Find the percentage of increase in advertisement expense during the period.
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Suppose you needed $16,000 to maintain a particular standard of living in 1979. How much would you have needed in 1997 to maintain the same standard
Average Annual Consumer Price Index (CPI) (1982-1984=100)
CPI
of living? Assume that all prices have risen at the same rate as the CPI.
Year
Year
CPI
Year
CPI
103.9
152.4
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1973
44.4
1995
How much would you have needed?
107.6
1996
1997
1974
49.3
1975
1976
1977
156.9
160.5
163.0
53.8
109.6
56.9
113.6
1998
(Round to the nearest dollar.)
60.6
118.3
1999
166.6
1978
1979
1980
1981
1982
1983
172.2
177.1
2000
2001
2002
2003
2004
2005
65.2
124.0
72.6
130.7
82.4
90.9
96.5
99.6
136.2
140.3
144.5
148.2
179.9
184.0
188.9
195.3
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Siena Ltd attempts to find the trend of its sales over the past five years. Siena is considering which model that best represent the trends of its sales. Following are the result of linear and exponential model trend analysis:
a. Calculate the MSE and MAD for the linear trend model
b. Calculate the MSE and MAD for the exponential trend model
c. Which model that performs better
9. A certain bacteria population triples each minute. Suppose you begin with a single bacteria cell.
a. Create a table of values to show the population of bacteria at the end of each minute for the first 5
minutes of growth.
b. Graph the data from your table using the desmos graphing calculator. (insert below).
c. Is the population of bacteria growing linearly or exponentially? Explain.
Chapter 18 Solutions
Loose Leaf for Statistical Techniques in Business and Economics
Ch. 18 - Prob. 1SRCh. 18 - Prob. 1ECh. 18 - Prob. 2ECh. 18 - Prob. 2SRCh. 18 - Prob. 3ECh. 18 - Prob. 4ECh. 18 - Prob. 5ECh. 18 - Prob. 6ECh. 18 - Prob. 3SRCh. 18 - Prob. 7E
Ch. 18 - Prob. 8ECh. 18 - Prob. 4SRCh. 18 - Prob. 9ECh. 18 - Prob. 10ECh. 18 - Prob. 5SRCh. 18 - Prob. 11ECh. 18 - Prob. 12ECh. 18 - Prob. 13ECh. 18 - Prob. 14ECh. 18 - Prob. 15ECh. 18 - Prob. 16ECh. 18 - Prob. 17CECh. 18 - Prob. 18CECh. 18 - Prob. 19CECh. 18 - Prob. 20CECh. 18 - Prob. 21CECh. 18 - Prob. 22CECh. 18 - Prob. 23CECh. 18 - Prob. 24CECh. 18 - Prob. 25CECh. 18 - Prob. 26CECh. 18 - Prob. 27CECh. 18 - Prob. 28CECh. 18 - Prob. 29CECh. 18 - Prob. 30CECh. 18 - Prob. 31CECh. 18 - Prob. 32CECh. 18 - Prob. 33CECh. 18 - Prob. 34DACh. 18 - Prob. 35DACh. 18 - Prob. 36DACh. 18 - Prob. 37DACh. 18 - Prob. 1PCh. 18 - Prob. 2PCh. 18 - Prob. 3PCh. 18 - Prob. 1.1PTCh. 18 - Prob. 1.2PTCh. 18 - Prob. 1.3PTCh. 18 - Prob. 1.4PTCh. 18 - Prob. 1.5PTCh. 18 - Prob. 1.6PTCh. 18 - Prob. 1.7PTCh. 18 - Prob. 1.8PTCh. 18 - Prob. 1.9PTCh. 18 - Prob. 1.10PTCh. 18 - Prob. 2.1PTCh. 18 - Prob. 2.2PTCh. 18 - Prob. 2.3PT
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- Does a linear, exponential, or logarithmic model best fit the data in Table 2? Find the model.arrow_forwardTable 3 gives the annual sales (in millions of dollars) of a product from 1998 to 20006. What was the average rate of change of annual sales (a) between 2001 and 2002, and (b) between 2001 and 2004?arrow_forwardWhat might a scatterplot of data points look like if it were best described by a logarithmic model?arrow_forward
- Table 6 shows the year and the number ofpeople unemployed in a particular city for several years. Determine whether the trend appears linear. If so, and assuming the trend continues, in what year will the number of unemployed reach 5 people?arrow_forwardThe Oxford Dictionary defines the word nominal asa value that is “stated or expressed but notnecessarily corresponding exactly to the real value.[18]Develop a reasonable argument for why the termnominal rate is used to describe the annual percentagerate of an investment account that compoundsinterest.arrow_forwardEstimate the age of a newly discovered fossil for which the ratio of carbon-14 to carbon-12 is R=1/1014.arrow_forward
- A sample of bacteria starts with 800 bacteria and doubles about every month. a. Describe the input variable. b. Describe the output variable. C. If linear, find and interpret the rate of change. If exponential, find and interpret the percent change. Approximate if needed. d. Write the equation that models the data, and define the variables in the equation.arrow_forwardThis shows log GDP per capita for the UK. Which of the following statements are correct? Select one or more: a. The graph shows that in 1950 UK GDP per capita was about £8.75. b. The trend growth rate over the period was 0.9889% per annum. c. When actual output is below trend output the economy is in recession. d. The trend growth rate over the period was 2.14 % per annum.arrow_forwardThe following table gives the monthly premiums for an insurance policy on people of various ages. a. Find an exponential function that models the monthly premium as a function of age. b. Find the quadratic function that is the best fit for the data. c. Graph each function with the data points to determine which model is the better fit. a. The exponential function that models the data is y= 3.059 (1.104*). (Use integers or decimals rounded to the nearest thousandth as needed for any numbers in the expression.) b. The quadratic function that models the data is y= 6.188x2-557.818x+12,448.185. (Use integers or decimals rounded to the nearest thousandth as needed for any numbers in the expression.) Age 35 40 45 50 55 Monthly Premium (S) 127 164 242 362 559 Age 60 65 70 75 Full data set Monthly Premium (S) 946 1904 3485 5873arrow_forward
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