Use the data given below to answer the following question(s).
The table below shows the industrial lathe sales from the years 2000-2005.The forecaster uses the regression method to determine the forecast for the future.
-For the data given above,the forecast for the year 2003 is approximately close to ________.
A)5,699 units
B)5,322 units
C)4,945 units
D)6,076 units

Question

Use the data given below to answer the following question(s).
The table below shows the industrial lathe sales from the years 2000-2005.The forecaster uses the regression method to determine the forecast for the future. 
-For the data given above,the forecast for the year 2003 is approximately close to ________.
A)5,699 units 
B)5,322 units 
C)4,945 units 
D)6,076 units

Quizplus · Accepted Answer

Using the regression equation, we get Y = -2458.8 + 1.963X
Substituting X=3 (since we want to find the forecast for the year 2003), we get Y=5322.4 which is approximately equal to 5,322 units. Therefore, the best choice is B.

Use the Data Given Below to Answer the Following Question(s)