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    Statistics in Business

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    (a) Plot the data on U.S. general aviation shipments.
    (b) Describe the pattern and discuss possible causes.
    (c) Would a fitted trend be helpful? Explain.
    (d) Make a similar graph for 1992-2003 only. Would a fitted trend be helpful in making a prediction for 2004?
    (e) Fit a trend model of your choice to the 1992-2003 data
    (f) Make a forecast for 2004, using either the fitted trend model or a judgment forecast. Why is it best to ignore earlier years in this data set?

    [See the attached question file.]

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    Solution Summary

    Very neat and step-wise solutions is provided to the questions. Graphs shown.