Question

Question 1 (30 points) Table 1 contains the predicted and actual per capita income for a certain area of the United States Table 1: Quarterly Energy Bills for the School System (x$100) Per Capita Predicted Per Income (S Capita Income (S) ear 1979 1980 1981 1982 1983 1984 1985 1986 3074 3135 3206 3267 3310 3362 3418 3500 3292 3250 3230 3255 3266 3283 3300 3337 a.) Calculate the forecast error for each year b.) Plot these forecast errors against time c.) Do you think the forecasting method that was used adequately fits the data pattern present? Why or why not? d.) Calculate the mean absolute deviation (MAD) e.) Calculate the mean squared error (MSE) f.) Calculate the mean absolute percentage errors (MAPE)

Answer 1