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Write the general solution for the gdp

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Reference no: EM13876859

Based on annual data the following first order autoregressive model for the US GDPz is estimated GDPt = 1.0417GDPt -1 + 113.6557

(a) Write the general solution for the GDP.

(b) If the initial value of the GDP for year 1978 is $2,294.7 billion, find the estimate of the GDP for year 2000 and 2005.

(c) If the actual values for GDP of 2000 and 2005 are $9,817 and $12,433.9 billion, find the estimation error of the model based on MAPE.

Reference no: EM13876859

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