Question

In: Statistics and Probability

A farmer's marketing cooperative recorded the volume of wheat harvested by its members from 1991-2004. The...

A farmer's marketing cooperative recorded the volume of wheat harvested by its members from 1991-2004. The cooperative is interested in detecting the long-term trend of the amount of wheat harvested. The data collected is shown in the table.

Wheat Harvested by Coop. Member

Year Time (y, in thousands of bushels)

1991 1 75

1992 2 78

1993 3 82

1994 4 82

1995 5 84

1996 6 85

1997 7 87

1998 8 91

1999 9 92

2000 10 92

2001 11 93

2002 12 96

2003 13 101

2004 14 102

Find the least squares prediction equation for the model. Use excel to conduct data analysis. Provide detailed interpretation of the results.

Expert Solution

The output and interpretation of regression using excel is as shown below.

any query please comment below.

orchestra answered 1 year ago

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