Question: The following data are the wellhead prices for domestically produced natural gas, in dollars per thousand cubic feet, from 2001 through 2008. Given these data

The following data are the wellhead prices for domestically produced natural gas, in dollars per thousand cubic feet, from 2001 through 2008. Given these data and the trend equations shown here, use the MAD criterion to determine which equation is the better fit. Repeat the evaluation, using the MSE criterion.

Year Year Code Price 2001 2002 2003 2004 2005 2006 2007 2008 $4.00 Linear 2.95 4.88 5.46 7.33 6.39 6.37 8.07 p=2.896 +0.6189x 4 Quadratic: p = 2.543 + 0.8305x -0.02351x2 8

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