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Least Squares Trend Equation

The following table (file attached) gives the annual amount of scrap produced by Machine Products, Inc.

Determine the least squares trend equation. Estimate the amount of scrap for the year 2003.

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A linear trend equation has the for
<br>Y = a + bt
<br>where
<br>t = Specified number of time periods from t = 0
<br>a = Value of gt ...

Solution Summary

The following table (file attached) gives the annual amount of scrap produced by Machine Products, Inc.

Determine the least squares trend equation. Estimate the amount of scrap for the year 2003.

$2.19