Influence of main economic variables in a mathematical model for mineral price forecasting

Authors

DOI:

https://doi.org/10.26490/uncp.prospectivauniversitaria.2022.19.1955

Keywords:

forecasts, price, Minerals

Abstract

The aim was to determine how the economic variables of supply and demand influence the mathematical model to forecast the price of minerals. A descriptive correlational research was developed, the population was formed by the historical data of price, supply and demand of minerals, with a non-probabilistic sample taken from the last 15 years at international level. Using descriptive and inferential statistics, a mathematical forecasting model has been presented. The coefficient of multiple determination of 0.6889 has been obtained, this indicates that the supply (X1) and demand (X2) influences the price of gold by 68.89%. In a simple linear regression analysis it has been obtained that the supply variable (X1) influences the price of minerals by 31.79% and the demand variable (X2) influences the price of minerals by 67.6592%.

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References

Broz, D. R., & Viego, V. N. (2014). Predicción de precios de productos de Pinus spp. con modelos ARIMA. Madera y Bosques, 20(1), 37-46. https://doi.org/10.21829/myb.2014.201174

Carpintero, A. T., Salazar, S. N., & Olaya, P. a. C. (2003). Modelo de predicción del precio de la acción ordinaria cementos Argos. Scientia et Technica, 3(23). Consultado el 6 de diciembre de 2023, desde https://moodle2.utp.edu.co/index.php/revistaciencia/article/view/7377

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Published

2024-02-14

Issue

Vol. 19 No. 1 (2022): January - June

Section

Original article

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Copyright (c) 2024 Prospectiva Universitaria

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How to Cite

Influence of main economic variables in a mathematical model for mineral price forecasting. (2024). University Prospective in Engineering and Technology, 19(1), 48-51. https://doi.org/10.26490/uncp.prospectivauniversitaria.2022.19.1955