The "Economic Report to the President of the United States" included data on the amounts of manufacturers' new and unfilled orders in millions of dollars. Shown here are the figures for new orders over a 21-year period. Use Excel to develop a regression model to fit the trend effects for these data. Use a linear model and then try a quadratic model. How well does either model fit the data?
Year Total Number of New Orders
1 55,022
2 55,921
3 64,1 82
4 76,003
5 87,327
6 85,139
7 99,513
8 115,109
9 131,629
10 147,604
11 156,359
12 168,025
13 162,140
14 175,451
15 192,879
16 195,706
17 195,204
18 209,389
19 227,025
20 240,758
21 243,643