With a new chef and a creative menu, Caf Venetian has witnessed a huge surge in sales.
Question:
With a new chef and a creative menu, Café Venetian has witnessed a huge surge in sales. The following data show a portion of daily sales (in $) at Café Venetian in the first 100 days after the changes.
a. Plot the café’s sales with superimposed linear and exponential trends. Which trend do you think describes the data better?
b. Estimate the linear and the exponential trend models. Use MSE to select the best model for making forecasts.
c. Make a forecast with the chosen model for the 101st. week.
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Step by Step Answer:
a Let y t represent the sales at the caf over time t 1 2100 Series y t with superi...View the full answer
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Related Book For 
Business Statistics Communicating With Numbers
ISBN: 9781259957611
3rd Edition
Authors: Sanjiv Jaggia
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