Despite the growth in digital entertainment, the nation's 400 amusement parks have managed to hold on to
Question:
Despite the growth in digital entertainment, the nation's 400 amusement parks have managed to hold on to visitors, as the following data show:
Year................. Visitors (in millions)
2000..................................... 317
2001..................................... 319
2002..................................... 324
2003..................................... 322
2004..................................... 328
2005..................................... 335
2006..................................... 335
2007..................................... 341
a. Plot the series. Does the linear trend model or the exponential trend model fit the series best?
b. Estimate both models. Verify your answer in part a by comparing the MSE of the models.
c. Given the model of best fit, make a forecast for visitors to amusement parks in 2008 and 2009.
Step by Step Answer:
Business Statistics Communicating With Numbers
ISBN: 9780078020551
2nd Edition
Authors: Sanjiv Jaggia, Alison Kelly