Determine the logistic curve

Assignment Help Management Theories

Reference no: EM131463172

Question: Hy and Murray are planning to set up an ice cream stand in Shoreline Park, described. After six months of operation, the observed sales of ice cream (in dollars) and the number of park attendees are

1446_Month 1.png

a. Determine a regression equation treating ice cream sales as the dependent variable and time as the independent variable. Based on this regression equation, what should the dollar sales of ice cream be in two years (month 30)? How confident are you about this forecast? Explain your answer.

b. Determine a regression equation treating ice cream sales as the dependent variable and park attendees as the independent variable.

c. Suppose that park attendance is expected to follow a logistic curve. The park department expects the attendance to peak out at about 6,000 attendees per month. Plot the data of park attendees by month and "eyeball" a logistics curve fit of the data using 6,000 as your maximum value. Based on your curve and the regression equation determined in part (b), predict ice cream sales for months 12 through 18.

Reference no: EM131463172

Questions Cloud

What are developmental pathways : What are developmental pathways? Explain the three separate pathways identified by the Causes and Correlated Study.

What is the definition of drug addiction : Identify three of the major organized crime groups of different nationalities that currently operate in the U.S. and discuss the type of crime.

Evaluation of trends in time series data : Evaluation of trends in time series data relating to Milestone One choice you selected (there will be data set for each of four possible options)

Pre-requisite to achieve operational-strategic excellence : With the advent of science and technology, technological innovations have become a pre-requisite to achieve operational and strategic excellence.

Determine the logistic curve : Hy and Murray are planning to set up an ice cream stand in Shoreline Park, described. After six months of operation, the observed sales of ice cream.

Discuss the basic role of hrm : Discuss the basic role of HRM. Research, identify, and discuss the basic roles of HRM professionals, as well as explain how their roles have changed over year.

What combinations of technology useful to police officers : What combinations of technology do you think would be useful to police officers? Explain your answers.

Write an evaluation essay of a parenting model : Develop your evaluation essay by using the basic features of an evaluation. Remember, you're essentially judging the parenting model or style

What health concerns can result from obesity : Obesity is a major health issue in the United States. What environmental factors do you believe have contributed to obesity

User Account

All Pages