(Answered) A firm has been using the following equation to predict

Management Studies

A firm has been using the following equation to predict annual demand for helix gears:

y_t = 55 + 4t,

where t is in years.

Thus, for example, the prediction for year 2 is 55 + 4*2 = 63 Actual demand for the past few years is shown below.

Year 2 3 4 5 6 7

Demand 60 65 69 76 85 85

Based on the data supplied is the forecasting model performing as well as it might? Support your answer quantitatively!

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Business Management, Management Studies

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