A Manager Uses the Following Equation to Predict Monthly Receipts

question 58

Multiple Choice

A manager uses the following equation to predict monthly receipts: Yt = 40,000 + 150t. What is the forecast for July if t = 0 in April of this year?

• A) 40,450
• B) 40,600
• C) 42,100
• D) 42,250
• E) 42,400

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Definitions:

Inferential Statistics

Statistical methods that allow researchers to make conclusions about populations based on samples.

Mathematical Statistics

The application of mathematics to the collection, analysis, interpretation, and presentation of numerical data.

Descriptive Statistics

Statistical procedures that summarize, organize, and simplify data in order to describe its main features.

Correlational Statistics

Mathematical methods used to measure and describe the relationship between two variables.