2000 388.44 a)Stonne (Round to two decimal places as needed.) 2001 615.79 2002 565.33 The price of bananas fluctuates on the world market. The prices ($/tonne) for the years 2000-2004 are shown in the table. a) Find a 3-year moving average prediction for the price in 2005. b) Find a prediction for 2005 with an exponential smoothing model with a=0.3, beginning with the initial value. c) The actual price of bananas in 2005 was 540 $/tonne. Compute the absolute percentage error for each prediction. 2003 302.05 2004 561.221

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter5: A Survey Of Other Common Functions
Section5.3: Modeling Data With Power Functions
Problem 3TU
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The price of bananas fluctuates on the world market. The prices ($/tonne)
for the years 2000-2004 are shown in the table.
2000
388.44
a) Sitonne
(Round to two decimal places as needed.)
2001
615.79
2002
565.33
a) Find a 3-year moving average prediction for the price in 2005.
b) Find a prediction for 2005 with an exponential smoothing model with a=0.3, beginning with the initial value.
c) The actual price of bananas in 2005 was 540 $/tonne. Compute the absolute percentage error for each prediction..
2003
302.05
2004
561.22
Transcribed Image Text:The price of bananas fluctuates on the world market. The prices ($/tonne) for the years 2000-2004 are shown in the table. 2000 388.44 a) Sitonne (Round to two decimal places as needed.) 2001 615.79 2002 565.33 a) Find a 3-year moving average prediction for the price in 2005. b) Find a prediction for 2005 with an exponential smoothing model with a=0.3, beginning with the initial value. c) The actual price of bananas in 2005 was 540 $/tonne. Compute the absolute percentage error for each prediction.. 2003 302.05 2004 561.22
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