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

question 14

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.Use a 3-period weighted moving average to forecast the population of the United States in 2003.Use Solver to determine the optimal weights based on minimizing the MAD criterion.

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Definitions:

TR

Total Revenue, the total income received by a firm from sales before any expenses are subtracted.

TC

Total cost, which encompasses all the expenses associated with the production of goods or services, including both fixed and variable costs.

ATC

Average Total Cost, which is the total cost of production divided by the quantity of output produced.

AVC

Average Variable Cost; the total variable cost divided by the quantity of output produced.