23. Refer to Problem 20. Run a simple linear regression of chicken consumption on chicken consumption lagged
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23. 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?
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