Regression analysis - sources and forecasting
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What are examples in which regression analysis is used for forecasting?
What are some primary and secondary sources of data that may be used in correlation and regression analysis?
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Solution Summary
An explanation as to the sources of data for regressions and how it can be used for forecasting
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Suppose we want to use the personal income to help us forecast auto-sales. Personal income is considered as a predictor of auto-sales, as the more income consumers have to spend, the more money they will tend to spend on automobiles. On the other hand, auto-sales is a strongly seasonal variable, whereas personal income is not. An ...
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