Given the Following Data on the Number of Pints of Ice

question 79

Short Answer

Given the following data on the number of pints of ice cream sold at a local ice cream store for a 6-period time frame:

$$\begin{array} { c c } \text { Period } & \text { Demand } \\\hline 1 & 200 \\2 & 245 \\3 & 190 \\4 & 270 \\5 & 280 \\6 & 300 \\\hline\end{array}$$
-Daily highs in Sacramento for the past week (from least to most recent) were:
95, 102, 101, 96, 95, 90 and 92. Develop a forecast for today using a 3-day moving average.

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Definitions:

Systematic Errors

Errors that consistently occur in the same direction and are caused by faults in the measurement system, not randomness.

Irrational

Behavior or actions that are not based on sound judgment or logic, often contrary to self-interest.

Financial Crisis

A situation where financial assets suddenly lose a significant part of their nominal value, often leading to bankruptcies and economic downturns.

Behavioral Economics

A field of economics that studies how psychological, cognitive, emotional, cultural, and social factors affect economic decision-making and behaviors.