Estimate the models parameters

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Reference no: EM131867677

Mullen Magic Shows is evaluating attendance at the shows and planning whether to train more magicians. They have the following data:

Year Total Audience
2013 97130
2014 101326
2015   96956
2016   99816
2017   99694
2018   103762
2019   104958
2020   110988
2021   112157
2022   110370

Plot these data, develop a hypothesis of an appropriate model, estimate the model's parameters, and forecast passengers for 2023-2025.

Illustrate an exponential smoothing model using an alpha of .1 and then an alpha of .5.

In doing some analysis, they assume each show has about 500 attendees. Each magician they hire can work up to 50 shows a year and is paid $1500 per show up to 50 shows.

Recently, magicians complained that they are under contract for 50 shows but only paid for shows they work.

If each magician is paid $500 per show she/he does not work, what does this policy cost per year?

Reference no: EM131867677

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