TABLE 16-13 Given Below Is the Monthly Time-Series Data for U.S.retail Sales

question 49

Short Answer

TABLE 16-13
Given below is the monthly time-series data for U.S.retail sales of building materials over a specific year. The results of the linear trend,quadratic trend,exponential trend,first-order autoregressive,second-order autoregressive and third-order autoregressive model are presented below in which the coded month for the 1^st month is 0:
Linear trend model: Quadratic trend model: Exponential trend model: First-order autoregressive: Second-order autoregressive: Third-order autoregressive: Below is the residual plot of the various models:
-Referring to Table 16-13,what is the exponentially smoothed forecast for the 13^th month using a smoothing coefficient of W = 0.5 if the exponentially smooth value for the 10^th and 11^th month are 9,746.3672 and 9,480.1836,respectively?

Distinguish between void and voidable contracts based on parties’ capacity.

Comprehend the special protections afforded to minors in contract law.

Recognize the legal concepts of ratification and disaffirmation of contracts by minors.

Identify the legal repercussions of intoxication and mental impairment on contractual capacity.

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Definitions:

Elastic Demand

A situation in which the quantity demanded of a good or service significantly changes in response to a change in price.

Close Substitutes

Products or services that can easily replace one another in usage or consumption.

Demand Curves

Graphs showing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage change.