Instruction 14-20
The manager of a health fitness club has recorded average attendance in newly introduced Zumba classes over the last 15 months: 32.1, 39.5, 40.3, 46.0, 65.2, 73.1, 83.7, 106.8, 118.0, 133.1, 163.3, 182.8, 205.6, 249.1 and 263.5. She then used Microsoft Excel to obtain the following partial output for both first- and second-order autoregressive model.
-Referring to Instruction 14-20,using the second-order model,the forecast of mean attendance for month 16 is _______.
Definitions:
Marginal Revenue
The added revenue procured by vending an additional unit of a good or service.
Business
An organized effort by individuals to produce and sell goods and services for profit.
Average Total Cost
The total cost of production (fixed and variable costs combined) divided by the total quantity produced.
Long Run
In economics, a period in which all inputs can be adjusted by firms, allowing for the full impact of decisions to unfold and market to reach equilibrium.
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