You are provided with the following data on the price of copper per kilogram. The first column outlines the actual copper price while the second and third are data deriving from models forecasting the price of copper.

ACTUAL

FORECAST 1

FORECAST 2

5.85

7.98

5.77

5.05

5.25

5.90

5.15

6.99

5.28

5.25

5.13

5.56

5.47

7.93

5.23

5.99

7.36

5.12

5.74

6.93

5.87

5.72

8.13

5.98

5.02

5.10

5.12

5.19

7.78

5.41

(a)Calculate the MAPE, MSE and RMSE of each of the forecasts and identify which is the more accurate forecast.

(b)Each of the forecasts was derived from a multivariate regression model. In the context of a multivariate regression model explain the concepts of multiple r and r squared. In conceptual terms, how do these measures differ from the MAPE and RMSE measures?