Shown here are the median total incomes for couples with two children.

a. Use these data to develop forecasts for the year 2018 using a 5-year moving average.

b. Use these data to develop forecasts for the year 2018 using a 5-year weighted moving average. Weight the most recent year by 6, the previous year by 4, the year before that by 2, and the other years by 1.

c. Compute the errors of the forecasts in parts (a) and (b) and observe the differences in the errors of the forecasts.

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Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Median Total Income 82,900 87,200 91,560 95,290 95,090 97,850 101,890 105,580 109,090 112,860 116,680 118,620 124,020