Time Series and Forecasting
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A). Predict the average price of bread for the next 3 months (time = 205,206,207).
b). Test the significance of the slope for this model.
c). Is the graph consistent with the results of your hypothesis test? Explain why or why not.
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Ex. 16.21
The Bureau of Labor Statistics (BLS) reports data on commodity prices on a monthly basis. These data are reported on a regional and national basis. The following graph displays the monthly average price (cents per pound) of white bread in the U.S. for the years 1980-1996.
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1 15 29 43 57 71 85 99 113 ...
Solution Summary
The average price of bread for the next three months are predicted. The expert tests the significance of the slope for the model.
$2.49