Question: Following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands, demanded at a local gasoline station.

Following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands, demanded at a local gasoline station. Also shown are actual demand levels, in thousands of gallons:

Week

Forecast Method 1

Actual

Demand

1

0.95

0.70

2

1.08

1.00

3

0.92

1.07

4

1.22

0.97

Week

Forecast Method 2

Actual

Demand

1

0.77

0.70

2

1.21

1.00

3

0.90

1.07

4

1.15

0.97

Part 2The MAD for Method 1 =

. 183

thousand gallons (round your response to three decimal places).Part 3The mean squared error (MSE) for Method 1 =

. 038

thousandgallons

(round your response to three decimal places).Part 4The MAD for Method 2 = _________

thousand gallons (round your response to three decimal places).

The mean squared error (MSE) for Method 2 = _______ thousand gallons (round your response to three decimal places).

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