Question hy and murray are planning to set up an ice cream, Ask an Expert

Management Studies

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.

View complete question

Management Theories, Management Studies

Category:- Management Theories
Reference No.:- M92271912

Have any Question?Write your Review or question?

Related Questions in Management Theories

Assignment -for this assignment analyze and discuss your

Assignment - For this assignment, analyze and discuss your personal leadership style. Based on your experiences, current readings, work experience, education, and use of self-assessment instruments describe what you thin ...

Three friends tom jerry and mary were having coffee in the

Three friends, Tom, Jerry and Mary were having coffee in the GOSSIP CAFÉ and were discussing their job prospects. Tom told his mates that he has just resigned from his current job because he worked long hours and did not ...

Suppose that for a given patient the true ef is 63 consider

Suppose that, for a given patient, the true EF is 63. Consider the population of EF values that can be estimated on that patient using option II above. That population follows a normal distribution with μ= 63. Find the p ...

Assume that a salesman learned the price elasticity of

Assume that a salesman learned the price elasticity of demand for his products is -2.0. How many percent will increase in the total sales (revenue) if he cuts the price by 10%? Show your calculation process?

Discussion post in a minimum of 150 words select one of the

Discussion Post: In a minimum of 150 words, select one of the discussion questions from the case study and answer the discussion question you selected. (The list of discussion questions from the case study are listed bel ...

Developing leaders and organisations assessment - report on

Developing, Leaders and Organisations Assessment - Report on Promoting Individual Informal Workplace Learning Brief - You are the newly-appointed Human Resource Advisor in a medium-sized business that employs approximate ...

Identify how protecting sovereign boundaries in regards to

Identify how protecting sovereign boundaries in regards to intellectual property has a positive effect on the GDP . Your answer should be in complete sentences

Two goods cloth and wine two countries a and b suppose that

Two goods: cloth and wine; two countries A and B. Suppose that the autarky relative price of cloth in country A is 1.2 and in country B is 2.5. Suppose cloth is on horizontal axis and wine on the vertical. If the relativ ...

Questionthe class examined the joint commissions framework

Question: The class examined the Joint Commission's framework for root cause analysis of sentinel incidents in health care organizations. For purposes of this project, a critical incident is a key occurrence, but it is n ...

A how can use the criteria for evaluating alternative

a) How can use the criteria for evaluating alternative methods of government finance to assess the most important revenue proposals of the 2018/19 budget. b) In the case tax is most important revenue proposals of the 201 ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Management Theories Expert