1) A sales executive is interested in modeling the sales of a product introduced in the U.S. in 20013. The executive collects data on U.S. sales for the years 20013-2023 and the data appears in the sales worksheet of the Chp 17 HW problems data workbook on Moodle. a) Fit a simple regression model using Sales as the Y or dependent variable and Year as the X or independent variable. Is the model significant at α = 0.05? What is the equation of the fit line. Interpret the model parameters in the context of the problem. b) Using your regression model in part a) forecast sales for 2024, 2025, 2026. c) Construct a plot that shows the observed sales for 20013-2023 and the fit line. Would you use the model to make forecasts for future years?
1) A sales executive is interested in modeling the sales of a product introduced in the U.S. in 20013. The executive collects data on U.S. sales for the years 20013-2023 and the data appears in the sales worksheet of the Chp 17 HW problems data workbook on Moodle. a) Fit a simple regression model using Sales as the Y or dependent variable and Year as the X or independent variable. Is the model significant at α = 0.05? What is the equation of the fit line. Interpret the model parameters in the context of the problem. b) Using your regression model in part a) forecast sales for 2024, 2025, 2026. c) Construct a plot that shows the observed sales for 20013-2023 and the fit line. Would you use the model to make forecasts for future years?
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter3: Functions And Graphs
Section3.3: Lines
Problem 76E
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