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:

Short Run

This is a period during which at least one factor of production is fixed, typically used in economic analyses to describe immediate effects of changes.

Produce

Agricultural products, especially fresh fruits and vegetables, that are grown for consumption.

Price

The fund requirements to procure a product or service.

Profit-Maximizing

A strategy or point where a business achieves the highest possible profit with its current resources and market conditions.