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The gross domestic product (GDP) of the United States from 1993 to 2003 is given in the table belo numbers are in billions of U.S. dollars. Develop forecasts for the GDP of 2004 using 3 year moving average, 3 year weighted moving average (weights: 0.6, 0.3, 0.1--yes, these are weights with decim year weighted moving average (weights:5,4, 2, 1), and exponential smoothing with a smoothing constant of 0.6. Assume the forecast is 6,657.00 ($Billions) for 1993. Which of these models would you choose to use and why? 0.60 Year 3 Year Weighted Moving Average 4 Yea Weighted Moving Average EXO error error error Smoothing error 6657.00 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 GDP3 Year (SBillions) Moving Average 6.657.00 7,072.00 7,398.00 7,817.00 8,304.00 8,747.00 9,268.00 9,817.00 10.128.00 10.487.00 11,004.00 MAD MAD MAD MAD N= N= 3 year 2 year last year Sum 0.10 0.30 0.60 1.00 4 yea 3 yea 2 yea last yea Sum 1.00 2.00 4.00 5.00 12.00