Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following data report total, monthly U.S. gasoline sales in millions of dollars from January 2017 to December 2018. (To find the data, go to

The following data report total, monthly U.S. gasoline sales in millions of dollars from January 2017 to December 2018. (To find the data, go to the site https://www.census.gov/retail/index.html#mrts, find "Monthly Retail Trade Report," then select "Time Series/Trend Charts.")

Year Month Sales
($ millions)
2017 Jan 34,730
2017 Feb 33,072
2017 Mar 37,722
2017 Apr 38,073
2017 May 39,839
2017 Jun 39,109
2017 Jul 38,897
2017 Aug 40,317
2017 Sep 40,446
2017 Oct 40,817
2017 Nov 39,286
2017 Dec 39,146
2018 Jan 38,323
2018 Feb 36,477
2018 Mar 41,748
2018 Apr 42,209
2018 May 47,149
2018 Jun 46,646
2018 Jul 47,091
2018 Aug 47,933
2018 Sep 44,685
2018 Oct 47,442
2018 Nov 42,339
2018 Dec 38,726

d. Evaluate a seasonally adjusted trend forecasting model. What is the MAD? (Round your answers to 3 decimal places.)

Period Month-Year Year Month Sales ($ millions) Trend Index Forecast Absolute Error
1 Jan-17 2017 1 34,730
2 Feb-17 2017 2 33,072
3 Mar-17 2017 3 37,722
4 Apr-17 2017 4 38,073
5 May-17 2017 5 39,839
6 Jun-17 2017 6 39,109
7 Jul-17 2017 7 38,897
8 Aug-17 2017 8 40,317
9 Sep-17 2017 9 40,446
10 Oct-17 2017 10 40,817
11 Nov-17 2017 11 39,286
12 Dec-17 2017 12 39,146
13 Jan-18 2018 1 38,323
14 Feb-18 2018 2 36,477
15 Mar-18 2018 3 41,748
16 Apr-18 2018 4 42,209
17 May-18 2018 5 47,149
18 Jun-18 2018 6 46,646
19 Jul-18 2018 7 47,091
20 Aug-18 2018 8 47,933
21 Sep-18 2018 9 44,685
22 Oct-18 2018 10 47,442
23 Nov-18 2018 11 42,339
24 Dec-18 2018 12 38,726
MAD =

e. What are the monthly indexes? (Round your answers to 3 decimal places.)

Month Index
1
2
3
4
5
6
7
8
9
10
11
12

f. Forecast sales for January, February, March, and April of 2019. (Round your answers to 2 decimal places.)

Forecasted Sales
Period 25 Sales ___ million
Period 26 Sales ___ million
Period 27 Sales ___ million
Period 28 Sales ___ million

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Elementary Number Theory

Authors: James K Strayer

1st Edition

1478618507, 9781478618508

More Books

Students also viewed these Mathematics questions

Question

8. What values do you want others to associate you with?

Answered: 1 week ago