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The following data are about a certain product.
Year Production (in thousands) Import (in thousands) Export (in thousands) Ending Inventory (in thousands)
2017 50 20 30 9 (75% of beg. Inv)
2018 65 25 40 10
2019 72 23 45 8
Required:
Question i. Calculate the effective demand of the product for each year (year 2017 - 2019)
Question ii. What is the demand function using trend projection method? Calculate the forecasted demand for 2020 by using this demand function.
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