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 0.90 0.68 2 1.05 1.00 3 0.97 1.07 4 1.20 1.04
Week Forecast Method 2 Actual Demand
1 0.80 0.68
2 1.21 1.00
3 0.88 1.07
4 1.11 1.04
The MAD for Method 1=______thousands gallons (round your response to three decimal places) The mean squared error (MSE) for Method 1=______thousands gallons^2(round your response to three decimal places) The MAD for method 2=____thousands gallons (round your response to three decimal places) The mean squared error (MSE) for Method 2=____thousands gallons^2 (round your response to three decimal places)
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