Planning whether to train more magicians

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Reference no: EM131475555

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

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

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

c) 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: EM131475555

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