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Year Price (000) 2000 $ 182.00 The data show median home prices for the home sales. 2001 $ 169.40 2002 $ 168.00 a) Construct a
Year Price (000) 2000 $ 182.00 The data show median home prices for the home sales. 2001 $ 169.40 2002 $ 168.00 a) Construct a time series plot. Is there any pattern you observe? Explain. 2003 $ 177.80 b) Do you think that forecasting methods are appropriate for this time series? Why? Explain. 2004 $ 180.60 c) Assume that you are forecasting the median house price for the year 2022, how much of the past data would you use? Why? Explain. 2005 $ 187.60 2006 $ 196.00 2007 $ 210.00 2008 $ 207.20 2009 $ 223.86 2010 $ 227.64 2011 $ 245.28 2012 $ 261.94 2013 $ 265.30 2014 $ 311.22 2015 $ 330.82 2016 $ 359.80 2017 $ 339.50 2018 $ 344.96 2019 $ 306.88 2020 $ 291.62 2021 $ 314.58
| Year | Price (000) | |||||||||||||||
| 2000 | $ 182.00 | The data show median home prices for the home sales. | ||||||||||||||
| 2001 | $ 169.40 | |||||||||||||||
| 2002 | $ 168.00 | a) | Construct a time series plot. Is there any pattern you observe? Explain. | |||||||||||||
| 2003 | $ 177.80 | b) | Do you think that forecasting methods are appropriate for this time series? Why? Explain. | |||||||||||||
| 2004 | $ 180.60 | c) | Assume that you are forecasting the median house price for the year 2022, how much of the past data would you use? Why? Explain. | |||||||||||||
| 2005 | $ 187.60 | |||||||||||||||
| 2006 | $ 196.00 | |||||||||||||||
| 2007 | $ 210.00 | |||||||||||||||
| 2008 | $ 207.20 | |||||||||||||||
| 2009 | $ 223.86 | |||||||||||||||
| 2010 | $ 227.64 | |||||||||||||||
| 2011 | $ 245.28 | |||||||||||||||
| 2012 | $ 261.94 | |||||||||||||||
| 2013 | $ 265.30 | |||||||||||||||
| 2014 | $ 311.22 | |||||||||||||||
| 2015 | $ 330.82 | |||||||||||||||
| 2016 | $ 359.80 | |||||||||||||||
| 2017 | $ 339.50 | |||||||||||||||
| 2018 | $ 344.96 | |||||||||||||||
| 2019 | $ 306.88 | |||||||||||||||
| 2020 | $ 291.62 | |||||||||||||||
| 2021 | $ 314.58 |
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Essentials Of Statistics For The Behavioral Sciences
Authors: Susan A. Nolan
3rd Edition
1464107777, 978-1464107771
