You may find it helpful to review
How to Perform Multiple Regression on Quarterly Seasonal Data in Excel
.For this assignment, you are required to complete Problem 64 in Chapter 12 of your textbook. Once complete, submit your Excel document in Waypoint. Show all work.
(S/B: 12/64) 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
Week 4 Assignment Chapter 12 Problem 64
.
Use regression to fit the following model to these data:
Yt = a + b1Yt−1 + b2Pt + et
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.
For your assignment, complete the following:
- If the price of a portrait during Month 21 is $10, what would you predict for sales in Month 21?
In your Excel spreadsheet,
- Utilize the regression model.
- Utilize the support tool of Excel.
- Predict sales as described
- Carefully review the Grading Rubric
Reference: Albright, S. C., & Winston, W. L. (2020).
Business analytics: Data analysis and decision making (7th ed.)
. Cengage Learning.
owever, it’s the exactly problem breakdown/question above. I just wanted to let you know that excel is needed for this assignment and you will need to run regression formula.
>Data
00,000
,000
,000
,000
$ 7,000
$24 $27 $24 $27 $30 4,000
$33 $24 $27 $30 $24 This is fictitious data. Turnitin Report Formatting Title Page Citation Outline
Month
Sales
Price
1
$
4
$1
5
2
$1,042,000
$
12
3
$1,12
9
$24
4
$1,1
10
$1
8
5
$1,33
6
18
6
$1,363,000
$30
7
$1,
17
$27
8
$603,000
9
$582,000
$36
10
$697,000
11
$586,000
12
$673,000
13
$546,000
14
$33
15
$27,000
16
$76,000
17
$298,000
18
$746,000
$18
19
$962,000
$21
20
$907,000
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