1. Calculate mean absolute deviation (MAD), and mean absolute percent error (MAPE) based on below information. MAD Period Demand Forecast Error Absolute Error 1 155 130 2 135 155 3 160 145 4 151 160 5 140 151 MAD= MAPE Period Demand Forecast 1 155 130 2 135 155 3 160 145 4 151 160 5 140 151 Ave Demand = MAPE=

Choose the statement that is incorrect. a. search activity occurs only in markets where there is a shortage. b. when a price is regulated and there is a shortage, search activity increases. c. the time spent looking for someone with whom to do business is called search activity. d. the opportunity cost of a good is equal to its price plus the value of the search time spent finding the good.