Final answer:
The question relates to business inventory management and sales predictions, requiring calculations based on planned sales and a regression model for sales growth. The inventory needed at the end of January for February's sales is 36,000 units. Sales predictions for the 60th and 90th day using the given model are $249.12 thousand and $323.52 thousand, respectively.
Step-by-step explanation:
When discussing a company that budgeted unit sales of 102,000 units for January 2017 and 120,000 units for February 2017, and aims to maintain an inventory equal to 30% of the next month's forecasted sales, we delve into the realm of inventory management and business finance. To calculate the inventory needed at the end of each month, you would take 30% of the following month's expected sales. For example, to find out how much inventory is needed at the end of January for February's sales, you calculate 30% of 120,000, which gives you 36,000 units.
Regarding sales growth predictions using a regression model, if an electronics retailer predicts sales using the model ŷ = 101.32 + 2.48x, where x is the day and ŷ represents thousands of dollars, the sales on the 60th and 90th day can be computed by inserting 60 and 90 for x respectively. For instance, on day 60, the predicted sales would be ŷ = 101.32 + 2.48(60) which equals $249.12 thousand.
In a scenario where the price was set at $120 and you are tasked with determining the quantity demanded and supplied, a shortage or surplus, and its extent, you would reference data such as a price-quantity chart. If the quantity demanded at $120 was 80,000 units and the quantity supplied was 100,000 units, there would be a surplus of 20,000 units.