Harrison Avenue Burgers is a fast-food business that has been open since 1992. Suppose that the owner has monitored the average price he has paid for a pound of hamburger on an annual basis since 1992. The data are in a file called Hamburger.

a. Produce a time-series plot for these data. Specify the exponential forecasting model that should be used to obtain next year’s forecast.

b. Assuming a double exponential smoothing model, fit the least squares trend to the historical data to determine the smoothed constant-process value and the smoothed trend value for period 0.

c. Use a = 0.20 and b = 0.30 to forecast the average yearly hamburger price for the year 2010.

d. Calculate the MAD for this model.