Consider the Table Below Which Displays the Price of a Commodity

Essay

Consider the table below which displays the price of a commodity for six consecutive years. $$\begin{array} { c | c } \hline \text { Year } & \text { Price (dollars) } \\\hline 1 & 250 \\\hline 2 & 255 \\\hline 3 & 253 \\\hline 4 & 255 \\\hline 5 & 259 \\\hline 6 & 261 \\\hline\end{array}$$ a. Use the Holt model to forecast values for Years 7-10 using $\mathrm { w } = 0.6$ and $\mathrm { v } = 0.5$ .
b. Calculate the forecast errors for Years 7-10 if the actual values in those years are 263, 267, 269, 268 respectively.
c. Calculate MAD, MAPE, and RMSE, using the forecast errors for Years 7-10.