The Economic Report to the President of the United States
The “Economic Report to the President of the United States” included data on the amounts of manufacturers’ new and unfilled orders in millions of dollars. Shown here are the figures for new orders over a 21-year period. Use Excel to develop a regression model to fit the trend effects for these data. Use a linear model and then try a quadratic model. How well does either model fit the data?
Year Total Number of New Orders
1 ................. 55,022
2 ................. 55,921
3 ................. 64,182
4 ................. 76,003
5 ................. 87,327
6 ................. 85,139
7 ................. 99,513
8 ................. 115,109
9 ................. 131,629
10 ............... 147,604
11 ............... 156,359
12 ............... 168,025
13 ............... 162,140
14 ............... 175,451
15 ............... 192,879
16 ............... 195,706
17 ............... 195,204
18 ............... 209,389
19 ............... 227,025
20 ............... 240,758
21 ............... 243,643
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