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The following are the annual profits in thousands of rupees, in a certain business. Year Profits (Rs 000) 2016 2017 60 72 2018 91 2019 2020 2021 2022 65 97 85 120 Using the above data: a) Calculate trend values by the method of least square and estimate the profit for 2023. b) Find the trend values of profit for all years and plot them in a graph c)?
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The following are the annual profits in thousands of rupees, in a cert...
Calculating Trend Values and Estimating Profit for 2023:
The first step in calculating trend values by the method of least squares is to find the sum of the years, the sum of the profits, the sum of the squares of the years, and the sum of the products of the years and profits. Once these values are calculated, the formula for the slope of the trend line can be used to find the trend values for each year. Finally, the trend value for 2023 can be estimated using the trend line.
Plotting Trend Values in a Graph:
After calculating the trend values for all years using the method of least squares, they can be plotted on a graph. The x-axis should represent the years, and the y-axis should represent the profits. The trend values can be connected with a line to show the overall trend in profits over the years.
Explanation:
The method of least squares is a statistical technique used to find the best-fitting trend line through a set of data points. By calculating the trend values, we can estimate the future profits based on the historical data. This helps in making informed decisions and planning for the future. Plotting the trend values on a graph provides a visual representation of the profit trend, making it easier to analyze and interpret the data. By following these steps, we can gain valuable insights into the business's performance and make strategic decisions to ensure continued success.
The first step in calculating trend values by the method of least squares is to find the sum of the years, the sum of the profits, the sum of the squares of the years, and the sum of the products of the years and profits. Once these values are calculated, the formula for the slope of the trend line can be used to find the trend values for each year. Finally, the trend value for 2023 can be estimated using the trend line.
Plotting Trend Values in a Graph:
After calculating the trend values for all years using the method of least squares, they can be plotted on a graph. The x-axis should represent the years, and the y-axis should represent the profits. The trend values can be connected with a line to show the overall trend in profits over the years.
Explanation:
The method of least squares is a statistical technique used to find the best-fitting trend line through a set of data points. By calculating the trend values, we can estimate the future profits based on the historical data. This helps in making informed decisions and planning for the future. Plotting the trend values on a graph provides a visual representation of the profit trend, making it easier to analyze and interpret the data. By following these steps, we can gain valuable insights into the business's performance and make strategic decisions to ensure continued success.
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The following are the annual profits in thousands of rupees, in a certain business. Year Profits (Rs 000) 2016 2017 60 72 2018 91 2019 2020 2021 2022 65 97 85 120 Using the above data: a) Calculate trend values by the method of least square and estimate the profit for 2023. b) Find the trend values of profit for all years and plot them in a graph c)?
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The following are the annual profits in thousands of rupees, in a certain business. Year Profits (Rs 000) 2016 2017 60 72 2018 91 2019 2020 2021 2022 65 97 85 120 Using the above data: a) Calculate trend values by the method of least square and estimate the profit for 2023. b) Find the trend values of profit for all years and plot them in a graph c)? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about The following are the annual profits in thousands of rupees, in a certain business. Year Profits (Rs 000) 2016 2017 60 72 2018 91 2019 2020 2021 2022 65 97 85 120 Using the above data: a) Calculate trend values by the method of least square and estimate the profit for 2023. b) Find the trend values of profit for all years and plot them in a graph c)? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The following are the annual profits in thousands of rupees, in a certain business. Year Profits (Rs 000) 2016 2017 60 72 2018 91 2019 2020 2021 2022 65 97 85 120 Using the above data: a) Calculate trend values by the method of least square and estimate the profit for 2023. b) Find the trend values of profit for all years and plot them in a graph c)?.
The following are the annual profits in thousands of rupees, in a certain business. Year Profits (Rs 000) 2016 2017 60 72 2018 91 2019 2020 2021 2022 65 97 85 120 Using the above data: a) Calculate trend values by the method of least square and estimate the profit for 2023. b) Find the trend values of profit for all years and plot them in a graph c)? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about The following are the annual profits in thousands of rupees, in a certain business. Year Profits (Rs 000) 2016 2017 60 72 2018 91 2019 2020 2021 2022 65 97 85 120 Using the above data: a) Calculate trend values by the method of least square and estimate the profit for 2023. b) Find the trend values of profit for all years and plot them in a graph c)? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The following are the annual profits in thousands of rupees, in a certain business. Year Profits (Rs 000) 2016 2017 60 72 2018 91 2019 2020 2021 2022 65 97 85 120 Using the above data: a) Calculate trend values by the method of least square and estimate the profit for 2023. b) Find the trend values of profit for all years and plot them in a graph c)?.
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