The Bureau of Transportation Statistics conducts a quarterly survey to monitor domestic and international airfares. Here arethe average airfares (inflation-adjusted to 2018 dollars) for U.S. domestic flights for 2004 through 2018.Airfare Year Airfare YearYear2004 $402.26 2009 $359.91 20142005 $391.50 2010 $383.48 2015 $395.702006 $405.48 2011 $402.45 2016 $361.942007 $390.30 2012 $406.13 2017 $352.852008 $400.27 2013 $407.99 2018 $346.49Airfare$411.67Hand calculate forecasts for the time series using an exponential smoothing model with the smoothing constant w = 0.2.Provide a forecast for the average U.S. domestic airfare for 2019.(Use decimal notation. Give your answer to two decimal places.)

Step 1: Identify formula to be usedFt+1 = αAt + (1 - α)Ftwhere:Ft+1 = Exponential smoothing forecast…

Answered: The Bureau of Transportation Statistics…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.2: Representing Data

Problem 22PFA

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