ACC 100 Lecture 2: 7calc
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Suppose that marginal product tripled while product price fellby one-half in the table below.
Unitsof Resource | TotalProduct (Output) | Marginal Product (MP) | Product Price | TotalRevenue | Marginal Revenue Product |
0 | 0 | $2 | $0 | ||
1 | 7 | 7 | 2 | 14 | $14 |
2 | 13 | 6 | 2 | 26 | 12 |
3 | 18 | 5 | 2 | 36 | 10 |
4 | 22 | 4 | 2 | 44 | 8 |
5 | 25 | 3 | 2 | 50 | 6 |
6 | 27 | 2 | 2 | 54 | 4 |
7 | 28 | 1 | 2 | 56 | 2 |
What would be the new values in the table?
Unitsof Resource | TotalProduct (Output) | Marginal Product (MP) | Product Price | TotalRevenue | Marginal Revenue Product |
0 | 0 | $ | $0 | ||
1 | $ | $ | $ | ||
2 | $ | $ | $ | ||
3 | $ | $ | $ | ||
4 | $ | $ | $ | ||
5 | $ | $ | $ | ||
6 | $ | $ | $ | ||
7 | $ | $ | $ |
What would be the net impact on the location of the resource demandcurve given below?
Develop a three-week moving average for this time series.Compute MSE and a forecast for week 7. Round your answers to twodecimal places.
Week | TimeSeries Value | Forecast |
---|---|---|
1 | 18 | |
2 | 15 | |
3 | 16 | |
4 | 13 | _______ |
5 | 17 | _______ |
6 | 16 | _______ |
MSE:
The forecast for week 7:
Use = 0.2 to compute the exponential smoothing valuesfor the time series. Compute MSE and a forecast for week 7. Roundyour answers to two decimal places.
Week | TimeSeries Value | Forecast |
---|---|---|
1 | 18 | |
2 | 15 | _______ |
3 | 16 | _______ |
4 | 13 | _______ |
5 | 17 | _______ |
6 | 16 | _______ |
MSE:
The forecast for week 7:
Compare the three-week moving average forecast with theexponential smoothing forecast using = 0.2. Whichappears to provide the better forecast based on MSE?
Explain.
The input in the box below will not be graded, but may be reviewedand considered by your instructor.
Use trial and error to find a value of the exponential smoothingcoefficient that results in a smaller MSE than what youcalculated for a= 0.2. Find a value of for the smallestMSE. Round your answer to three decimal places.
a =