The following information has been collected on the sales of greeting cards for the past 6 weeks.
a.Produce exponential smoothing forecasts for the series using a smoothing constant of .2.
b.Compute the mean square error for the forecasts produced with a smoothing constant of .2.
c.What is the forecast of sales for week 7?
d.Is a smoothing constant of .2 or .3 better for the sales data? Explain.
Definitions:
Profit-Maximizing Quantity
The point of production where a firm reaches its maximum profit potential.
Panel
A group of individuals or experts gathered to discuss, analyze, or make decisions on specific subjects.
Intersection
The point at which two lines or paths cross each other.
Economic Loss
The difference between the cost of inputs and the revenues received from outputs, indicating a negative outcome in financial performance.
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