Exhibit 17-1
Below you are given the first five values of a quarterly time series. The multiplicative model is appropriate and a four-quarter moving average will be used. 
-Refer to Exhibit 17-1. An estimate of the trend component times the cyclical component (T2Ct) for Quarter 3 of Year 1, when a four-quarter moving average is used, is
Definitions:
Total Revenue
The total amount of money a firm receives from sales of its products or services.
Perfectly Competitive
A market structure characterized by a large number of small firms, homogeneous products, free entry and exit, and perfect information, leading to an efficient allocation of resources.
Market Price
The ongoing price for acquiring or disposing of goods or services in a market setting.
Profit-Maximizing
The process or strategy employed by firms to determine the level of output and pricing that leads to the highest possible profits.
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