The annual price of a finished product (in cents per pound) from 2005 to 2020 is given
Question:
The annual price of a finished product (in cents per pound) from 2005 to 2020 is given in the table below. The time variable t begins with t = 1 in 2005 and is incremented by 1 for each additional year. Year t Price, Yt Year t Price, Yt 2005 1 21.73 2013 924.422006 2 24.32 2014 10 25.49 2007 3 25.31 2015 11 26.19 2008 4 26.36 2016 12 27.31 2009 5 27.31 2017 13 24.40 2010 6 27.58 2018 14 24.24 2011 7 24.79 2019 15 25.87 2012 8 25.36 2020 16 26.86
a. Fit the straight-line model, E1Yt2 = b0 + b1t, to the data.
b. Give the least squares estimates of the b’s.
c. Use the least squares prediction equation to obtain the forecasts for 2021 and 2022.
d. Find 95% forecast intervals for 2021 and 2022.
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