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:
Independent Variables
Variables that are manipulated or categorically varied by researchers in an experiment to determine their effect on dependent variables.
Multicollinearity
Refers to a situation in statistics where independent variables in a regression model are highly correlated, potentially leading to difficulties in estimating the relationship between each independent variable and the dependent variable.
Independent Variables
Variables in an equation or model that are assumed to influence or cause changes in dependent variables.
Regression Model
A statistical tool used to predict the value of a dependent variable based on the value(s) of one or more independent variables.
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