Determine least squares equation.
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A company's net sales is $ million from 1993-2002, determine the least squares equation and based on this info, what are the estimated sales for 2005?
93 - 9,239
94 - 12,477
95 - 15,470
96 - 19,535
97 - 24,156
98 - 30,219
99 - 38,434
00 - 45,738
01 - 53,553
02 - 58,247
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Solution Summary
The solution determines the least squares equation. Based on that calculation, the expert estimates sales for 2005.
Solution Preview
We need to use a time-trend to find the regression model for the firm's revenues
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