Oil prices, again. Return to the oil price data of Exercise 48. a) Find a linear model

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Oil prices, again. Return to the oil price data of Exercise 48.

a) Find a linear model for this series.

b) Find an exponential (multiplicative) model for this series.

c) Use these methods to forecast the crude oil price for March 2007.

d) The actual price for March 2007 was $58.70. Compute measures of forecast error (e.g., MAD and MAPE) and compare the accuracy of the forecasts for the models of Exercises 48 and 49.

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Business Statistics

ISBN: 9780321716095

2nd Edition

Authors: Norean D. Sharpe, Paul F. Velleman, David Bock, Norean Radke Sharpe

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Question Posted: Sep 07, 2024 06:03 AM

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Oil prices, again. Return to the oil price data of Exercise 48. a) Find a linear model

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Business Statistics

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