The purchasing-power value figures for the minimum wage in year 18 dollars for the years 1 through 18 are shown here. Use these data and exponential smoothing to develop forecasts for the years 2 through 18.

Try a = .1, .5, and .8, and compare the results using MAD. Discuss your findings. Select the value of alpha that worked best and use your exponential smoothing results to predict the figure for19.

Purchasing Power $6.04 5.92 5.57 5.40 5.17 5.00 4.91 4.73 4.55 Purchasing Power $4.34 4.67 5.01 4.86 4.72 4.60 4.48 4.86 5.15 Year Year 10 12 13 14 15 16 17 18 6 9