Refer to Problem 20. Run a simple linear regression of chicken consumption on chicken consumption lagged one time period. Examine the residuals. Interpret the results of your regression analysis. Is this year's chicken consumption likely to be a good predictor of next year's chicken consumption? Explain. Can we infer the effect of a change in chicken price on chicken consumption with this model?
Problem 20
The demand for a commodity typically depends on the income of the consumer, the real price of the commodity, and the real price of complementary or competing products. Table P-20 gives the per capita consumption of chicken in the United States (in pounds); the per capita disposable income (in dollars); and the retail prices for chicken, pork, and beef (in cents per pound) for several years.

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