A Concert Promoter Is Forecasting This Year's Attendance for One

question 159

Multiple Choice

A concert promoter is forecasting this year's attendance for one of his concerts based on the following historical data: $$\begin{array} { l l } \text { Year } & \text { Attendance } \\\hline \text { Four years ago } & 10,000 \\\text { Three years ago } & 12,000 \\\text { Two years ago } & 18,000 \\\text { Last Year } & 20,000\end{array}$$ The previous trend line had predicted 18,500 for two years ago, and 19,700 for last year. What was the mean absolute deviation for these forecasts?

• A) 100
• B) 200
• C) 400
• D) 500
• E) 800

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Definitions:

Consumer Behavior

the study of how individuals or groups select, purchase, use, and dispose of goods and services, as well as the factors that influence these decisions and behaviors.

Low-involvement Purchase

A buying decision made by consumers on products that are perceived as low risk and require minimal thought or effort.

Expensive

High in price or requiring a significant amount of money to purchase.

Research

The systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions.