Question: It is difficult to predict gas prices given a multitude of factors affecting them. Consider 22 weeks of the average weekly regular gasoline price ($

It is difficult to predict gas prices given a multitude of factors affecting them. Consider 22 weeks of the average weekly regular gasoline price ($ per gallon) in New England and the West Coast.

Date 9/3/2018 9/10/2018 I 1/28/2019 New England 2.855 2.864 2.346 West Coast

a. Find the 3-period and the 5-period moving averages for gas prices in New England. Based on MSE, MAD, and MAPE, use the preferred model to forecast gas prices for the first week of February 2019.

b. Find the simple exponential smoothing series with possible α values of 0.2, 0.4, 0.6 for gas prices on the West Coast. Based on MSE, MAD, and MAPE, use the preferred model to forecast gas prices for the first week of February 2019.

Date 9/3/2018 9/10/2018 I 1/28/2019 New England 2.855 2.864 2.346 West Coast 3.329 3.336 2.928

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