Given Forecast Errors of 5, 0, −4, and 3, What

question 18

Multiple Choice

Given forecast errors of 5, 0, −4, and 3, what is the mean absolute deviation?

• A) 1
• B) 2
• C) 2.5
• D) 3
• E) 12

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Definitions:

Horizontal

A direction or plane that runs parallel to the ground or horizon.

Income Elasticity

A measure of how much the demand for a product or service changes with a change in consumers' income.

Low-Quality Beef

Beef that is considered to be of inferior grade or quality due to factors like fat content, marbling, or age of the animal.

Income

Funds received routinely through work or investing activities.