Use This Information to Answer the Following Questions -Refer to the Table Above

question 20

Essay

Use this information to answer the following questions.
The following time series represent the total population of the United States,in thousands,over the last 12 years.
$$\begin{array} { | c | c | } \hline \text { Year } & \text { Population (in 000s) } \\\hline 1991 & 253,493 \\\hline 1992 & 256,894 \\\hline 1993 & 260,255 \\\hline 1994 & 263,436 \\\hline 1995 & 266,557 \\\hline 1996 & 269,667 \\\hline 1997 & 272,912 \\\hline 1998 & 276,115 \\\hline 1999 & 279,295 \\\hline 2000 & 282,434 \\\hline 2001 & 285,545 \\\hline 2002 & 288,600 \\\hline\end{array}$$
-Refer to the table above.
a.Use a 2-period moving average to forecast the population of the United States in 2003.
b.Use a 3-period moving average to forecast the population of the United States in 2003.
c.Which averaging period provides a better historical fit based on the MAD criterion?

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Definitions:

Law of Reason

A philosophical idea that moral and legal norms should be grounded in rational thought and logic.

Categorical Imperative

A fundamental principle in the ethical philosophy of Immanuel Kant that requires that individuals act in a manner in which they wish their actions to become universal laws.

Ethical Imperative

A strong moral obligation or duty which compels someone to act in a certain way based on ethical considerations.

Rational Agents

Entities capable of making decisions based on reasoning, often in the context of economic models or artificial intelligence.