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3. Identify the error term in the exponential forecasting equation and re-express , in The following table and graph detail the mean price of a stock for the last 16 weeks: terms of the error term, o and A. 4. State values that of can take and explain the effect that varying of has on the forecast. Week Stock Price Week Stock Price Week Stock Price Week Stock Price 5. Use the exponential forecasting technique to predict the stock price in the 17th week (pence (pence) pence (pence) when a =0.6. Clearly show your working in the form of a table. 1 177 5 175 9 160 13 174 6. Calculate the mean square error (MSE) and mean absolute error (MAE) for o = 0.6. 176 168 10 168 14 170 3 168 7 155 11 165 15 180 7. An analyst performs an exponential forecast on the data with a = 0.1 and finds that 4 170 8 165 12 171 16 159 MSE = 70.38 and MAE = 6.57 . Using this, which value of o would you chose for the forecast and why? 185 180 175 Price (pence) 165 160 155 150 0 8 10 12 14 16 Week 1. Why is exponential forecasting appropriate in this instance? 2. The equation for exponential forecasting is given by: Fitt = F, + a(x, - F.) Define each of the symbols in this equation in the context of the data above