Suppose you have an extra six months of data on demands and prices, in addition to the
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Suppose you have an extra six months of data on demands and prices, in addition to the data in the example. These extra data points are (350, 84), (385, 72), (410, 67), (400, 62), (330, 92), and (480, 53). (The price is shown first and then the demand at that price.) After adding these points to the original data, use Excel’s Trendline tool to find the best-fitting linear, power, and exponential trend lines. Finally, calculate the MAPE for each of these, based on all 18 months of data. Does the power curve still have the smallest MAPE?
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Estimation Demand for golf clubs Month 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Price Demand 450 ...View the full answer
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Related Book For 
Practical Management Science
ISBN: 978-1305250901
5th edition
Authors: Wayne L. Winston, Christian Albright
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