In this problem we consider annual U.S. lumber production over 30 years. The data were obtained from
Question:
a. Plot the lumber production values versus time and discuss why the plot indicates that the model
yt = β0 + εt,
might appropriately describe these values.
b. The mean and the standard deviation of the lumber production values can be calculated to be = 35,651.9 and s = 2,037.3599. Find a point forecast of and a 95 percent prediction interval for any future lumber production value.
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Related Book For
Business Statistics In Practice
ISBN: 9780073401836
6th Edition
Authors: Bruce Bowerman, Richard O'Connell
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