Question: Please solve using minitab and list instructions for each step! 16.20 The data in CPI-U reflect the annual values of the consumer price index (CPI)


16.20 The data in CPI-U reflect the annual values of the consumer price index (CPI) in the United States over the 52-year period 1965 through 2016, using 1982 through 1986 as the base period. This index measures the average change in prices over time in a fixed market basket" of goods and services purchased by all urban con- sumers, including urban wage earners (i.e., clerical, professional, managerial, and technical workers; self-employed individuals; and short-term workers), unemployed individuals, and retirees. Soruce: Data extracted from Bureau of Labor Statistics, U.S. Department of Labor, www.bls.gov.) a. Plot the data. b. Describe the movement in this time series over the 52-year period c. Compute a linear trend forecasting equation and plot the trend line. d. Compute a quadratic trend forecasting equation and plot the results. e. Compute an exponential trend forecasting equation and plot the results. f. Which model is the most appropriate? g. Using the most appropriate model, forecast the CPI for 2017 and 2018. LD ON 965 1 Year Coded Year CPI 2 0 315 3 1 324 4 2 334 5 3 348 6 4 36.7 7 5 38.8 8 6 40.5 9 7 418 10 8. 444 11 9 493 12 10 53.8 13 11 56.9 14 12 60.6 15 13 652 16 726 17 15 82.4 18 M 16 90.9 19 M 17 20 18 99.6 21 19 1039 22 AM 20 1076 23 211096 24 22 1136 25 23 1183 28 24 1240 27 25 1307 20. 25 1362 29 27 1403 30 28 1445 31 W 29 1482 32 30 1524 33 31 1569 34 32 1605 35 33 1630 36 34 166.6 37 M 35 1722 39 36 1771 39 37 179.9 40 m 38 1840 41 39 1889 42 40 1953 43 41 2016 44 42 2073 45 43 2153 46 44 2145 47 45 2181 48 46 2249 40 47 2296 50 48 233.0 51 M 49 2367 52 SO 2370 53 51 240.0 5
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