Use the table below to answer the following question.
Table 20.2.9
-Refer to Table 20.2.9. The base year is 2013 and the table gives the quantities produced and the prices in 2013 and 2014. Nominal GDP in 2013 is
Definitions:
Mean Absolute Deviation
The average of the absolute differences of each data point from the data set's mean.
Smoothing Constant
A coefficient used in exponential smoothing to weight the relevance of historical data.
Autoregressive Model
A statistical model that predicts future behavior based on past values.
Absolute Differences
Absolute differences involve calculating the absolute value of the difference between two numbers, emphasizing the magnitude of the difference without considering direction.
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