Use This Information to Answer the Following Questions -Refer to the Table Above

question 35

Essay

Use this information to answer the following questions.
The following time series represent the total population of the United States,in thousands,over the last 12 years.
$$\begin{array} { | c | c | } \hline \text { Year } & \text { Population (in 000s) } \\\hline 1991 & 253,493 \\\hline 1992 & 256,894 \\\hline 1993 & 260,255 \\\hline 1994 & 263,436 \\\hline 1995 & 266,557 \\\hline 1996 & 269,667 \\\hline 1997 & 272,912 \\\hline 1998 & 276,115 \\\hline 1999 & 279,295 \\\hline 2000 & 282,434 \\\hline 2001 & 285,545 \\\hline 2002 & 288,600 \\\hline\end{array}$$
-Refer to the table above.a.What is the linear trend equation that best fits the data?
b.What is the forecast of the population of the United States in 2003 using the linear trend equation?
c.What is the MAPE for this method?

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Definitions:

Critical Value(s)

Threshold(s) in hypothesis testing that define the boundary or boundaries for rejecting the null hypothesis.

Null Hypothesis

A statement in hypothesis testing that there is no significant difference or effect, serving as the default assumption to be tested against.

Critical Value(s)

Specific point(s) on the scale of a test statistic beyond which we reject the null hypothesis in statistical testing.

P-Value

Under the assumption that the null hypothesis is valid, it is the probability of observing test results that are as extreme or even more so than the ones actually observed.