Two Forecasting Models Were Used to Predict the Future Values

question 139

Short Answer

Two forecasting models were used to predict the future values of a time series. The forecasts are shown below with the actual values.
Calculate the mean absolute deviation (MAD) for Model 1.

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Definitions:

Consumer Income

The total earnings of an individual or household from all sources, influencing their purchasing decisions.

Maximum Quantity

The highest amount of a product or resource that can be produced, obtained, or allocated under specific conditions.

Units of X

A term used in various contexts to denote a measurement or quantity of a particular item or variable 'X'.

Consumer Income

The total earnings received by consumers from all sources, influencing their spending patterns and ability to purchase goods and services.