Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sales over the past 10 years are shown below. Using the method of least squares, calculate the values of a and b to complete this

Sales over the past 10 years are shown below. Using the method of least squares, calculate the values of a and b to complete this regression equation.

Year Sales
1 1,640
2 1,850
3 1,240
4 1,250
5 1,980
6 1,400
7 1,060
8 1,430
9 1,050
10 1,990

Note: Indicate a negative answer using a "-" sign. Do not round intermediate calculations and round your answer to 3 decimal places.

Sales = ___ + (16.061) x

What is your forecast for next year's sales?

Note: Do not round intermediate calculations and round your answer to 2 decimal places.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding And Managing Public Organizations

Authors: Hal G. Rainey, Sergio Fernandez, Deanna Malatesta

6th Edition

1119705894, 978-1119705895

More Books

Students also viewed these General Management questions

Question

mple 10. Determine d dx S 0 t dt.

Answered: 1 week ago