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Problem 3: A firm uses simple exponential smoothing with a = 0.1 to forecast demand. The forecast for the week of January 1 was 500

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Problem 3: A firm uses simple exponential smoothing with a = 0.1 to forecast demand. The forecast for the week of January 1 was 500 units whereas the actual demand turned out to be 450) units. Calculate the demand forecast for the week of January 8.*

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