Using the data shown in the table, develop a regression line that can be used to predict the demand for time period number 20. What is the prediction equation and what is your forecast for period 20?
Period Demand Period ? Demand
1 16 16
2 20 40
3 24 72
4 27 108
5 29 145
6 30 180
7 32 224
8 35 280
9 36 324
10 38 380
Sums 55 287 1769
What will be an ideal response?
Answer:
= = = 2.3
= - = 28.7 - 2.3 (5.5) = 16
The equation is y = 16 + 2.3 x
The forecast for period #20 is y = 16 + 2.3 × 20 = 62.
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