The purchasing-power value figures for the minimum wage in year 18 dollars for the years 1 through 18 are shown here. Use these data and exponential smoothing to develop forecasts for the years 2 through 18.

Try a = .1, .5, and .8, and compare the results using MAD. Discuss your findings. Select the value of alpha that worked best and use your exponential smoothing results to predict the figure for19.

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Purchasing Power $6.04 5.92 5.57 5.40 5.17 5.00 4.91 4.73 4.55 Purchasing Power $4.34 4.67 5.01 4.86 4.72 4.60 4.48 4.86 5.15 Year Year 10 12 13 14 15 16 17 18 6 9