Consider the Table Below Which Displays the Price of a Commodity

question 6

Essay

Consider the table below which displays the price of a commodity for six consecutive
years. $\begin{array}{c|c}\hline \text { Year } & \text { Price (dollars) } \\\hline 1 & 250 \\\hline 2 & 255 \\\hline 3 & 253 \\\hline 4 & 255 \\\hline 5 & 259 \\\hline 6 & 261 \\\hline\end{array}$
a. Calculate the values in the exponentially smoothed series using $\mathrm { w } = 0.6$ .
b. Calculate the forecast errors for Years 7-10 if the actual values in those years are 262, 264, 263, 266 respectively.
c. Calculate MAD, MAPE, and RMSE, using the forecast errors for Years 7-10.

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