Unemployment rate data is given in Table B.8. a. Make a time series plot of the data. b.Use simple exponential smoothing with λ= 0.2 to smooth the data. How well does this smoothing procedure work? Do...

Unemployment rate data is given in Table B.8.

a. Make a time series plot of the data.

b.Use simple exponential smoothing with λ= 0.2 to smooth the data. How well does this smoothing procedure work? Do you think that simple exponential smoothing should be used to forecast this data?