Use the sales data given below to determine: (a) the least squares trend line, and (b) the predicted value for 2003 sales.

Question: Use the sales data given below to determine: (a) the least squares trend line, and (b) the predicted value for 2003 sales.

YearSales (Unit)
1996100
1997110
1998122
1999130
2000139
2001152
2002164

Solution:

YearTime Period (X)Sales (Units) (Y)X2XY
199611001100
199721104220
199831229366
1999413016520
2000513925695
2001615236912
20027164491148
∑X = 28∑Y = 917∑X2 = 140∑XY = 3961
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