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Following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands, demanded at a local gasoline station. Also shown are actual demand levels, in thousands of gallons.
WEEK
FORECASTS
ACTUAL DEMAND
METHOD 1
METHOD 2
1
0.90
0.80
0.70
2
1.05
1.20
1.00
3
0.95
4
1.11
What are the MAD and MSE for each method?
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