Absolute percentage error for prediction

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Banana prices. The price of bananas fluctuates on the world market. Here are the prices ($/tonne) for the years 2000-2004. (Source: Holy See Country Review, 2008).

2000	2001	2002	2003	2004
422.27	584.70	527.61	375.19	524.84

a) Find a 3-year moving average prediction for the price in 2005.

b) Find a prediction for 2005 with an exponential smoothing model with a = 0.4.

c) The actual price of bananas in 2005 was 577 $/tonne (you can find current prices at www.imf.org/external/np/ res/commod/table3.pdf.) Compute the absolute percentage error for each prediction.

Reference no: EM131008079

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