Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 30 Apr 2018 My Price 4.00

photography studio

Let Yt be the sales during month t (in thousands of dollars) for a photography studio, and let Pt be the price charged for portraits during month t. The data are in the file P11_45.xlsx. Use regression to fit the following model to these data:

This equation indicates that last month’s sales and the current month’s price are explanatory variables. The last term, et, is an error term.

a. If the price of a portrait during month 21 is $10, what would you predict for sales in month 21?

b. Does there appear to be a problem with autocorrelation of the residuals?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Apr 2018 09:04 PM My Price 4.00

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