Question

In: Math

A furniture store has maintained monthly sales records for the past 20​ months, with the results...

A furniture store has maintained monthly sales records for the past 20​ months, with the results shown below.

Month

Sales

1

2360

2

1820

3

1760

4

1560

5

1950

6

1950

7

3360

8

1740

9

3780

10

2400

11

2160

12

2760

13

3570

14

2820

15

2800

16

1890

17

2500

18

3630

19

2530

20

3270

Assume you have determined there is NO SEASONALITY in this time series.​ Therefore, you want to fit a linear trend model​ (that is, trend​ only) to the data.

Calculate the linear trend equation.​ (Round coefficients to the nearest whole​ number.)

y= _+ _ * t

nothing​*t

What are the test statistic and​ p-value to test for a significant trend. Round both to two decimal places.

T​ =

​p-value =

Is the trend significant using a​ 10% significance​ level?

Yes

No

What is the value of​ R-squared? (Round to two​ decimals.)

Forecast the sales for the next month​ (t =​ 21). (Round to the nearest whole​ number.)

Upper F21=?

Based on the​ R-squared value, how confident are you in this​ forecast? (That​ is, how accurate do you think the forecasts will​ be?)

A.

Not confident at all because the​ R-squared value is so low

B.

Very confident because the​ R-squared value is high

C.

Somewhat confident because the​ R-squared value is moderate​ (not extremely high but not extemely​ low)

Click to select your answer(s).

Solutions

Expert Solution

milcah answered 7 months ago
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