Posted by Adam on .
The table below shows annual demand (in 100,000 units per year) for Widgets. Use this information to calculate a linear trend forecasting model using regression analysis. Use your trend estimate to forecast demand for the years 1995 and 2000.
Being as my profession decides to spring questions on us that he hasn't taught, I'm at a loss on how to approach this problem, let alone solve it.
Any help is greatly appreciated.
The regression equation is Y=-1+2.2t
where Y=the output and t is the time. Hence the demand for1995 is
the demand in 2000 is