TABLE 16-3
the Following Table Contains the Number of Complaints

question 49

Multiple Choice

TABLE 16-3
The following table contains the number of complaints received in a department store for the first 6 months of last year.
$$\begin{array} { l c } \text { Month } & \text { Complaints } \\\text { January } & 36 \\\text { February } & 45 \\\text { March } & 81 \\\text { April } & 90 \\\text { May } & 108 \\\text { June } & 144\end{array}$$
-Referring to Table 16-3, if this series is smoothed using exponential smoothing with a smoothing constant of 1/3, what would be the third term?

• A) 68
• B) 81
• C) 65.33
• D) 53

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Definitions:

Production Costs

Expenses incurred in the process of creating a product or service, including raw materials, labor, and overheads.

Substitute Goods

Products or services that can replace each other in use, serving the same purpose, leading consumers to switch based on changes in price, availability, or preferences.

Price Floor

A government-imposed minimum price charged for a commodity, preventing prices from falling below that level to protect producers.

Competitive Market

A market structure characterized by many buyers and sellers, none of whom can influence the market price on their own.