Statistics for Business and Economics (13th Edition)
13th Edition
ISBN: 9780134506593
Author: James T. McClave, P. George Benson, Terry Sincich
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 2.152ACB
U.S. business bankruptcies. The American Bankruptcy Institute and the National Bankruptcy Research Center monitor the number of business bankruptcy filings each quarter. The table below lists the number of business bankruptcy filings for each quarter of a recent 2-year period.
- a. Explain why the data in the table represent time series data.
- b. Construct a time series plot for the quarterly number of bankruptcy filings.
- c. Do you detect a trend in the time series plot? Explain.
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The creator of a new online multiplayer survival game has been tracking the monthly downloads of the game. The following table shows the monthly downloads (in thousands) for each month of the current and previous year.
Click on the datafile logo to reference the data.
The datafile logo.
Month
Downloads
Month
Downloads
(previous year)
(thousands)
(current year)
(thousands)
February
33.0
January
31.0
March
34.0
February
32.0
April
34.0
March
33.0
May
31.0
April
34.0
June
32.0
May
33.0
July
33.0
June
32.0
August
35.0
July
35.0
September
36.0
August
33.0
October
37.0
September
33.0
November
34.0
October
31.0
December
35.0
a. Compute the mean, median, and mode for number of downloads in the previous year.
Mean (to 3 decimals)
thousand
Median (to 2 decimal)
thousand
Mode (to 2 decimal)
thousand
b. Compute the mean, median, and mode for number of downloads in the current year.
Mean (to 3 decimals)
thousand
Median (to 2…
In retail, a store manager uses time series models to understand shopping trends.
Review the scatter plot of the store’s sales from 2010 through 2021 to answer the questions. See attached as image.
Here is the data for Fiscal Year and Sales:
Fiscal Year
Sales
2010
$260,123.00
2011
$256,853.00
2012
$274,366.00
2013
$290,525.00
2014
$322,318.00
2015
$380,921.00
2016
$541,925.00
2017
$909,050.00
2018
$1,817,521.00
2019
$3,206,564.00
2020
$4,921,005.00
2021
$5,686,338.00
Time series decomposition seeks to separate the time series (Y) into 4 components: trend (T), cycle (C), seasonal (S), and irregular (I). What is the difference between these components?
The model can be additive or multiplicative. When do you use each?
Review the scatter plot of the exponential trend of the time series data. Do you observe a trend? If so, what type of trend do you observe?
What predictions might you make about the store’s annual sales over the next few years?
the costello Music company has been in business for five years. during that time, salesof pianos increased from 12 units in the first year to 76 units in the most recent year. Fredcostello, the firm’s owner, wants to develop a forecast of piano sales for the coming year.the historical data follow.Year 1 2 3 4 5Sales 12 28 34 50 76a. construct a time series plot. What type of pattern exists in the data?b. develop the linear trend equation for the time series. What is the average increase insales that the firm has been realizing per year?c. Forecast sales for years 6 and 7.
Chapter 2 Solutions
Statistics for Business and Economics (13th Edition)
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