The number of cars sold in the United States in 2016 reached a record high for the

Question:

The number of cars sold in the United States in 2016 reached a record high for the seventh year in a row (CNNMoney, January 4, 2017). Consider monthly total miles traveled (in billions) in the United States from January 2010 to December 2016. A portion of the data is shown in the accompanying table.

Date Miles Jan-10 2953.305 Feb-10 2946.689 Dec-16 3169.501


a. Plot the data with superimposed linear, quadratic, and cubic trends.

b. Estimate the two best models based on the visual analysis in part a. Use adjusted R2 to select the best model for making forecasts.

c. Use the chosen model to make a forecast for Miles in January 2017.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: