Q 3. (A) Phoenix Lumber Company uses the number of construction permits issued to help estimate demand (sales). The firm collected the following data on annual sales and number of construction permits...


Q 3.<br>(A)<br>Phoenix Lumber Company uses the number of construction permits issued to help estimate<br>demand (sales). The firm collected the following data on annual sales and number of<br>construction permits issued in its market area:<br>No. of Construction<br>Sales<br>Year<br>Permits Issued (000)<br>(1,000,000)<br>2003<br>2004<br>6.50<br>10.30<br>10.10<br>10.50<br>10.80<br>11.20<br>6.20<br>2005<br>6.60<br>2006<br>2007<br>7.30<br>2008<br>2009<br>7.80<br>8.20<br>8.30<br>11.40<br>11.30<br>

Extracted text: Q 3. (A) Phoenix Lumber Company uses the number of construction permits issued to help estimate demand (sales). The firm collected the following data on annual sales and number of construction permits issued in its market area: No. of Construction Sales Year Permits Issued (000) (1,000,000) 2003 2004 6.50 10.30 10.10 10.50 10.80 11.20 6.20 2005 6.60 2006 2007 7.30 2008 2009 7.80 8.20 8.30 11.40 11.30
(c)<br>Calculate the coefficient of determination. Give an economic interpretation to the<br>value obtained.<br>(d) Suppose that 8,000 construction permits are expected to be issued in 2010.<br>What would be the point estimate of Phoenix Lumber Company's sales for<br>2010?<br>3<br>

Extracted text: (c) Calculate the coefficient of determination. Give an economic interpretation to the value obtained. (d) Suppose that 8,000 construction permits are expected to be issued in 2010. What would be the point estimate of Phoenix Lumber Company's sales for 2010? 3

Jun 11, 2022
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