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    Forecasting, Regression

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    1)
    Alternative Good Market Fair Market Poor Market
    Single unit 25000 20000 -45000
    Duplex 80000 30000 -10000
    Triplex 100000 90000 -9000
    Quadraplex 150000 50000 -40000
    Probability 0.4 0.35 0.25

    What is the best decision based on the following table

    Single unit
    Duplex
    Triplex
    Quadraplex

    2) the following forecasting model has been developed:
    Y=36+4.3X

    where

    y= deman for air conditioners
    Xi= outside temperature

    What is the demand for air conditioners when the temperature is 70 degrees
    a 360
    b 403
    c 66
    d 337

    3) Bus and subway ridership is believed to be related to the number of tourists. These are the data for the past 12 years

    Year # of tourists in 100,000s ridership in 1,000,000s
    1 7 15
    2 2 10
    3 6 13
    4 4 15
    5 14 25
    6 15 27
    7 16 24
    8 12 20
    9 14 27
    10 20 44
    11 15 34
    12 7 17

    The regression model that reflects the relationship of the tourists to ridership is:
    a Y=8,0+17.5x
    b Y=7.2+2.1x
    c Y=5.060+1.593x
    d none of the above

    4) For the problem above, what is the expected ridership if 10 million tourists visit the city?
    a 5.06 million
    b 2.1 million
    c 23 million
    d 20.99 million

    Please see the attached file.
    Please note: The question in the attached file related to ipod has not been answerd as the question does not have complete data.

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    Solution Preview

    Please see attached file.

    1) Alternative Good Market Fair Market Poor Market
    Single unit 25000 20000 -45000
    Duplex 80000 30000 -10000
    Triplex 100000 90000 -9000
    Quadraplex 150000 50000 -40000
    Probability 0.4 0.35 0.25

    What is the best decision based on the following table

    Single unit
    Duplex
    Triplex
    Quadraplex

    Answer: Triplex

    We calculate the expected value for each alternative.
    The alternative for which the expected value is the maximum is the best decision
    Expected value = sum of probability of state x value for state

    Alternative Expected value
    Single ...

    Solution Summary

    Answers multiple choice questions on Forecasting, Regression.

    $2.19