The U.S. Energy Information Administration reports the following prices for regular unleaded gasoline in Germany from 2003 through 2008.
For the price data given here:
a. Fit a linear trend equation to the time series. Using this equation, determine the trend estimate for 2014.
b. Fit a quadratic equation to the time series, then use the equation to determine the trend estimate for 2014.
c. Which of the preceding equations is the better fit to the time series if the MAD criterion is used? If the MSE criterion is used?

  • CreatedSeptember 08, 2015
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