The Costello Music Company has been in business for five years. During that time, the sales of electric organs have grown from 12 units in
The Costello Music Company has been in business for five years. During that time, the sales of electric organs have grown from 12 units in the first year to 76 units in the most recent year. Fred Costello, the firm’s owner, wants to develop a forecast of organ sales for the coming year based on the historical data shown.
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a. Graph this time series. Does a linear trend appear?
b. Develop the equation for the linear trend component for the time series. What is the average increase in sales per year for thefirm?
Year 1 23 4 5 Sales12 28 34 50 76
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Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam
11th Edition
978-0324651812, 324651813, 978-0324651751
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