Consider the Following Annual Sales Data for 2001-2008 -Calculate the Coefficient of Determination

question 86

Short Answer

Consider the following annual sales data for 2001-2008:
$$\begin{array} { | c | c | } \hline \text { Year } & \text { Sales } \\\hline 2001 & 2 \\\hline 2002 & 4 \\\hline 2003 & 10 \\\hline 2004 & 8 \\\hline 2005 & 14 \\\hline 2006 & 18 \\\hline 2007 & 17 \\\hline 2008 & 20 \\\hline\end{array}$$
-Calculate the coefficient of determination.

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Definitions:

Long Run

A period in which all factors of production and costs are variable, allowing firms and the economy to adjust to changes fully.

Sales

encompasses the transactions of selling goods or services to consumers in exchange for money or other compensations.

Fixed Costs

Expenses that do not change with the level of output or sales over a relevant period, such as rent, salaries, and loan payments.

Short Run

A period in which at least one input, such as plant size or capital equipment, in the production process is fixed.