1.Here you need to show your familiarity with the exponential smoothing forecast calculations, and the calculation of MAE. The first four data points were separated from the rest of the time series. Pretend this is now the only sample you have available (Y1 = 1.34, Y2 = 1.5, Y3 = 1.48, Y4 = 1.78).

(i)Show process of calculating F₃₊₁, F₄₊₁, andF₄₊₃ for the reduced time series of Y1, Y2, Y3, and Y4, using the Expon. Smooth. with alpha = 0.6

Show how you would calculate MAE for the reduced sample shown above when using the exponential smoothing model forecasts you calculated in part (i).