economics question

-B--" Question 1 In this course, you were introduced to two methods of measuring the accuracy of forecasts/predictions, namely the Mean Absolute Error (MAE) and Mean Square Error (MSE). The formulas for the two measure are provided below: in, MSE : {210% 3702 n For each measure, a smaller value indicates better forecasb'prediction. Consider the forecasts generated using the following two methods: Method 1 and Method 2 which are presented in Table 1. (a) Compute MAE for each method and determine which method is a better sales predictor (b) Compute MSE for each method and determine which method is a better sales predictor (c) Are your results for parts (a) and (b) conicting with respect to which method is a better predictor? ((1) Calculate the Root Mean Square Error (RMSE) for each method. Note that RMSE is just the square root of MSE. (e) Would you expect RMSE and MSE to give the same conclusions with respect to which method is a better predictor? Question 2 Submit your answers to Lab 5 Questions