Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The general fund budget (in billions of dollars) for a U.S. state for 1988 (period 1) to 2011 (period 24) follows. Budget ($ billions)

The general fund budget (in billions of dollars) for a U.S. state for 1988 (period 1) to 2011 (period 24) follows. Budget ($ billions) Year Period 1988 1. 3.03 1989 3.29 1990 3 3.56 1991 4.31 1992 4.46 1993 6 4.61 1994 7. 4.75 1995 8. 5.15 1996 9. 5.34 1997 10 5.66 1998 11 6.11 1999 12 6.20 2000 13 6.48 2001 14 6.65 2002 15 6.66 2003 16 6.78 2004 17 6.98 2005 18 7.65 2006 19 8.38 2007 20 8.67 2008 21 8.66 2009 22 8.43 2010 23 8.23 2011 24 8.76 (e) Construct a time series plot. 2. b) Develop a linear trend equation for this time series to forecast the budget (in billions of dollars). (Round your numerical values to three decimal places.) (c) What is the forecast (In billions of dollars) for period 25? (Round your answer to two decimal places.) billion

Step by Step Solution

There are 3 Steps involved in it

Step: 1

year period t BudgetY t tY 1988 1 303 1 303 1989 329 ... 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

Elementary Statistics A Step By Step Approach

Authors: Allan G. Bluman

10th Edition

1259755330, 1259755339, 978-1259755330

More Books

Students also viewed these Accounting questions

Question

What is meant by the total variation? How is it computed?

Answered: 1 week ago