John has collected the following information on the amount of tips he has collected from parking cars the last seven nights.
a.Compute the 3-day moving averages for the time series.
b.Compute the mean square error for the forecasts.
c.Compute the mean absolute deviation for the forecasts.
d.Forecast John's tips for day 7.
Definitions:
Average Variable Cost
Calculated by dividing the total variable costs by the quantity of output produced; it shows the variable cost per unit of output.
Marginal Cost
The supplementary expenditure brought on by the creation of one more unit of a good or service.
Total Variable Cost
The sum of all variable expenses that are incurred in the direct production of goods or services.
AVC
Average Variable Cost, which is the variable cost per unit of output.
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