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John Smith has developed the following forecasting model: ^ Y = 36 + 4.3X1 where ^ Y = demand for air conditioners X1 = the
John Smith has developed the following forecasting
model:
^
Y = 36 + 4.3X1
where
^
Y = demand for air conditioners
X1 = the outside temperature (F)
(a) Forecast the demand for air conditioners when the temperature is 70F.
(b) What is the demand for a temperature of 80F?
(c) What is the demand for a temperature of 90F?
(d) What is the demand for a temperature of 30F?
(d) What is the outside temperature if you have 500 air conditioner sales?
Use Excel to calculate your answers.
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