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Fundamentals of Business Economics

11.5 D

Q1 Q2 Q3 Q4

Actual 165 175 175 193

SV +12 +6 –10 –8

Trend (Actual – SV) 153 169 185 201

Quarterly movement +16 +16 +16

Once the seasonal variations have been stripped out, the underlying trend is an
increase of 16 per quarter

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