Using the Data Shown in the Table, Develop a Regression

question 24

Essay

Using the data shown in the table, develop a regression line that can be used to predict the demand for time period number 20. What is the regression equation and what is your forecast for period 20?
$$\begin{array} { | c | c | c | c | } \hline & \text { Period } & \text { Demand } & \text { Period } * \text { Demand } \\\hline & 1 & 16 & 16 \\\hline & 2 & 20 & 40 \\\hline & 3 & 24 & 72 \\\hline & 4 & 27 & 108 \\\hline & 5 & 29 & 145 \\\hline & 6 & 30 & 180 \\\hline & 7 & 32 & 224 \\\hline & 8 & 35 & 280 \\\hline & 9 & 36 & 324 \\\hline & 10 & 38 & 380 \\\hline \text { Sums } & 55 & 287 & 1769 \\\hline\end{array}$$

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Definitions:

Demand Shifts

Changes in the demand curve due to factors other than the price of the good, such as changes in income, tastes, or prices of related goods.

Quantity Demanded

The total amount of a good that consumers are willing and able to purchase at a specific price in a given period.

Economy Moves

The dynamic changes and shifts in economic activity, including growth, recession, and recovery phases, within a country or globally.

Supply

Refers to the total amount of a specific good or service that is available to consumers.