Part C3. The manager of a certain gasoline station wants to forecast the demand for the unleaded gasoline next month so that theproper number of gallons can be ordered from the distributor. The manager has accumulated the following data demand forunleaded gasoline from sales during the past eight months.MonthGasoline Demanded (gallons)Mar900Given that the forecast for March is 920.Apr755May650Jun550Jul625Aug730Sept820Oct1 100a. Compute the exponential smoothed forecast for the demand from April to November. Use a = 0.25.b. Compute the exponential smoothed forecast for the demand from April to November. Use a = 0.45.c. Plot the actual demand and the forecasts determined in part a and b on the same graph and compare them.d. Make a comparative analysis out of your answers in the plotted data. (3-5 sentences)

Exponential smoothed forecast for demand from April to November when α = 0.25 Exponential smoothed…

Answered: Part C 3. The manager of a certain…

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 2.5P: (Determinants of Price Elasticity) Would the price elasticity of demand for electricity be more...

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