forecast quantity
Not what you're looking for?
The following data is the quarterly sales of gasoline in the United States (in millions of barrels during part of the 1980s and the 1990s. Estimate the linear trend and use it to forecast sales for the first quarter of 1992. Note: There are two parts to this question. The first answer looks like S = a +b * T where A an B are constants and t is the time period, i.e. t = 17 for the first quarter of 1992. The second answer is the forecast quantity. Second Hint: use Excel.
Time Quantity Time Quantity
1988.1 11 1990.1 14
1988.2 15 1990.2 18
1988.3 12 1990.3 15
1988.4 14 1990.4 17
1989.1 12 1991.1 15
1989.2 17 1991.2 20
1989.3 13 1991.3 16
1989.4 16 1991.4 19
Purchase this Solution
Solution Summary
Linear Trends are emphasized.
Purchase this Solution
Free BrainMass Quizzes
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.