Favors Distribution Company purchases small imported trinkets in bulk, packages them, and sells them to retail stores. They are conducting an inventory control study of all their items. The following data are for one such item, which is not seasonal.
a. Use trend projection to estimate the relationship between time and sales (state the equation).
b. Calculate forecasts for the first four months of the next year.
Definitions:
Surplus
An excess of something, especially a quantity of a commodity or financial instrument that exceeds what is needed or used.
Equilibrium Price
The price at which the quantity of a good demanded equals the quantity supplied, leading to market balance.
Equilibrium Quantity
The amount of goods or services that is supplied and demanded at the equilibrium price.
Price Floor
A minimum price set by the government for certain goods and services, which cannot legally be lowered.
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