College tuition has risen at a pace faster than inflation for more than two decades, according to an article in USA Today. The following data indicate the average college tuition (in 2003 dollars) for public colleges: a. Produce a time-series
a. Produce a time-series plot of these data. Indicate the time-series components that exist in the data.
b. Provide a forecast for the average tuition for public colleges in the academic year 2013 through 2014.
c. Provide an interval of plausible values for the average tuition change after five academic periods have gone by. Use a confidence level of 0.90.
Period 1983-1984 1988-1989 1993-1994 1998-1999 2003-2004 2008-2009 Public 2.074 2.395 3,188 3,632 4,694 5.652
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- Tutor Answer
a The time series contains a strong upward trend There are also indications of the ever present rand…View the full answer
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