Question
In: Statistics and Probability
The general fund budget (in billions of dollars) for a U.S. state for 1988 (period 1)...
The general fund budget (in billions of dollars) for a U.S. state for 1988 (period 1) to 2011 (period 24) follows.
| Year | Period | Budget ($ billions) |
|---|---|---|
| 1988 | 1 | 3.03 |
| 1989 | 2 | 3.29 |
| 1990 | 3 | 3.56 |
| 1991 | 4 | 4.31 |
| 1992 | 5 | 4.46 |
| 1993 | 6 | 4.61 |
| 1994 | 7 | 4.65 |
| 1995 | 8 | 5.15 |
| 1996 | 9 | 5.34 |
| 1997 | 10 | 5.66 |
| 1998 | 11 | 6.11 |
| 1999 | 12 | 6.20 |
| 2000 | 13 | 6.58 |
| 2001 | 14 | 6.75 |
| 2002 | 15 | 6.56 |
| 2003 | 16 | 6.88 |
| 2004 | 17 | 7.08 |
| 2005 | 18 | 7.65 |
| 2006 | 19 | 8.38 |
| 2007 | 20 | 8.57 |
| 2008 | 21 | 8.76 |
| 2009 | 22 | 8.43 |
| 2010 | 23 | 8.33 |
| 2011 | 24 | 8.76 |
(b)Develop a linear trend equation for this time series to forecast the budget (in billions of dollars). (Round your numerical values to three decimal places.)
Tt = ____?______
(c)What is the forecast (in billions of dollars) for period 25? (Round your answer to two decimal places.)
$___?_____ billion
Solutions
Expert Solution
b.
| X - Mx | Y - My | (X - Mx)2 | (X - Mx)(Y - My) |
| -11.5 | -3.1825 | 132.25 | 36.5988 |
| -10.5 | -2.9225 | 110.25 | 30.6863 |
| -9.5 | -2.6525 | 90.25 | 25.1988 |
| -8.5 | -1.9025 | 72.25 | 16.1713 |
| -7.5 | -1.7525 | 56.25 | 13.1438 |
| -6.5 | -1.6025 | 42.25 | 10.4163 |
| -5.5 | -1.5625 | 30.25 | 8.5937 |
| -4.5 | -1.0625 | 20.25 | 4.7813 |
| -3.5 | -0.8725 | 12.25 | 3.0538 |
| -2.5 | -0.5525 | 6.25 | 1.3813 |
| -1.5 | -0.1025 | 2.25 | 0.1537 |
| -0.5 | -0.0125 | 0.25 | 0.0062 |
| 0.5 | 0.3675 | 0.25 | 0.1838 |
| 1.5 | 0.5375 | 2.25 | 0.8063 |
| 2.5 | 0.3475 | 6.25 | 0.8688 |
| 3.5 | 0.6675 | 12.25 | 2.3363 |
| 4.5 | 0.8675 | 20.25 | 3.9038 |
| 5.5 | 1.4375 | 30.25 | 7.9063 |
| 6.5 | 2.1675 | 42.25 | 14.0888 |
| 7.5 | 2.3575 | 56.25 | 17.6813 |
| 8.5 | 2.5475 | 72.25 | 21.6538 |
| 9.5 | 2.2175 | 90.25 | 21.0663 |
| 10.5 | 2.1175 | 110.25 | 22.2338 |
| 11.5 | 2.5475 | 132.25 | 29.2963 |
| SS: 1150 | SP: 292.21 |
Sum of X = 300
Sum of Y = 149.1
Mean X = 12.5
Mean Y = 6.2125
Sum of squares (SSX) = 1150
Sum of products (SP) = 292.21
Regression Equation = ŷ = bX + a
b = SP/SSX = 292.21/1150 = 0.254
a = MY - bMX = 6.21 - (0.25*12.5) = 3.036
ŷ = 0.254X + 3.036
c. For x=25, ŷ = (0.254*25) + 3.036=9.39
orchestra answered 1 year agoRelated Solutions
The general fund budget (in billions of dollars) for a U.S. state for 1988 (period 1)...
The general fund budget (in billions of dollars) for a U.S.
state for 1988 (period 1) to 2011 (period 24) follows.
Year
Period
Budget
($ billions)
1988
1
3.03
1989
2
3.29
1990
3
3.56
1991
4
4.41
1992
5
4.46
1993
6
4.61
1994
7
4.65
1995
8
5.15
1996
9
5.34
1997
10
5.66
1998
11
6.01
1999
12
6.20
2000
13
6.48
2001
14
6.75
2002
15
6.66
2003
16
6.78
2004
17
7.08
2005
18
7.65...
The general fund budget (in billions of dollars) for a U.S. state for 1988 (period 1)...
The general fund budget (in billions of dollars) for a U.S.
state for 1988 (period 1) to 2011 (period 24) follows.
Year
Period
Budget
($ billions)
1988
1
3.03
1989
2
3.29
1990
3
3.56
1991
4
4.41
1992
5
4.36
1993
6
4.51
1994
7
4.65
1995
8
5.15
1996
9
5.34
1997
10
5.66
1998
11
6.01
1999
12
6.30
2000
13
6.58
2001
14
6.75
2002
15
6.56
2003
16
6.78
2004
17
6.98
2005
18
7.65...
The general fund budget (in billions of dollars) for a U.S. state for 1988 (period 1)...
The general fund budget (in billions of dollars) for a U.S.
state for 1988 (period 1) to 2011 (period 24) follows.
Year
Period
Budget
($ billions)
1988
1
3.03
1989
2
3.29
1990
3
3.56
1991
4
4.41
1992
5
4.46
1993
6
4.61
1994
7
4.65
1995
8
5.15
1996
9
5.34
1997
10
5.66
1998
11
6.01
1999
12
6.20
2000
13
6.48
2001
14
6.75
2002
15
6.56
2003
16
6.78
2004
17
7.08
2005
18
7.65...
Recording the budget in the General Fund? Recording purchase orders or contracts in the General Fund?
Recording the budget in the General Fund?
Recording purchase orders or contracts in the General
Fund?
California issued debt (general obligation bonds) to fund the state budget and must now repay what...
California issued debt (general obligation bonds) to
fund the state budget and must now repay what it borrowed. Given
the facts above, please indicate if you think that California’s
debt is more likely to be internal or external. How do you know?
Furthermore, is the repayment of state and local government debt
likely to drain purchasing power from citizens in those areas?
Comprehensive General Fund Review The Wayne City Council approved and adopted its general fund budget for...
Comprehensive General Fund Review
The Wayne City Council approved and adopted its general fund
budget for 2020. The budget contained the following amounts:
Estimated revenues
$70,000,000
Appropriations
66,000,000
Estimated transfers in
1,000,000
Estimated transfers out
6,000,000
During 2020, various transactions and events occurred which
affected the general fund. The legal budgetary basis is used.
Required
For items 1–40, indicate whether the item should be debited (D),
credited (C), or is not affected (N) in the general fund.
a. Items 1–5...
Consider the following data on U.S. GDP: Year Nominal GDP GDP Deflator (Billions of dollars) (Base...
Consider the following data on U.S. GDP:
Year
Nominal GDP
GDP Deflator
(Billions of dollars)
(Base year 2009)
2017
19,485
107.95
1997
8,578
74.45
The growth rate of nominal GDP between 1997 and 2017 was
_______, and the growth rate of the GDP deflator between 1997 and
2017 was ______. (Hint: The growth rate of a variable XX over an
NN-year period is calculated as
100×((XfinalXinitial)(1N)−1)100×XfinalXinitial1N−1)
Measured in 2009 prices, real GDP was ______billion in 1997 and
______billion in 2017....
Exponential Functions Computer viruses have cost U.S. companies billions of dollars in damages and lost revenues...
Exponential Functions
Computer viruses have cost U.S. companies billions of dollars in
damages and lost revenues over the last few years. One factor that
makes computer viruses so devastating is the rate at which they
spread. A virus can potentially spread across the world in a matter
of hours depending on its characteristics and whom it attacks.
Consider the growth of the following virus. A new virus has been
created and is distributed to 100 computers in a company via...
The Town of Tyler approved the following general fund budget for the fiscal year July 1,...
The Town of Tyler approved the following general fund budget for
the fiscal year July 1, 2011, to June 30, 2012: TOWN OF TYLER
GENERAL FUND BUDGET SUMMARY FOR THE YEAR JULY 1, 2011 TO JUNE 30,
2012 Revenue Sources Taxes $250,000 Licenses and permits 20,000
Intergovernmental revenue 40,000 Charges for services 60,000 Fines
and forfeits 15,000 Rents and royalties 10,000 Miscellaneous
revenues 5,000 Total budgeted revenues $400,000 TOWN OF TYLER
GENERAL FUND BUDGET SUMMARY FOR THE YEAR JULY 1,...
Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General...
Recording General Fund Operating Budget and Operating
Transactions. The Town of Bedford Falls approved a General Fund
operating budget for the fiscal year beginning on July 1. The
budget provides for estimated revenues of $2,700,000 as follows:
property taxes, $1,900,000; licenses and permits, $350,000; fines
and forfeits, $250,000; and intergovernmental (state grants),
$200,000. The budget approved appropriations of $2,650,000 as
follows: General Government, $500,000; Public Safety, $1,600,000;
Public Works, $350,000; Culture and Recreation, $150,000; and
Miscellaneous, $50,000.
a.Prepare the journal...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- 1.) Economies of scale refer to A.) the minimum point on the short-run average total cost curve...
- Discuss the role of moral hazard and adverse selection in the 2007–2008 financial crisis.
- Choose two different types of businesses (grocery store or an electronics store), and choose a product...
- You are overseeing a process that has a feed of X, Y, and Z entering a...
- Describe telomeres and how they contribute to genome stability in human cells. Discuss their roles in...
- The following two schedules show the amounts of additional satisfaction (marginal utility) that a consumer would...
- In Modern Infrastructure strategy there are 2 basic models to consider. Keep in mind choosing the...
ADVERTISEMENT