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3. Consider the following quarterly time series. Quarter Year 1 Year 2 Year 3 1 923 1,112 1,293 2 1,056 1,247 1,401 3 1,124 1,373
3. Consider the following quarterly time series. Quarter Year 1 Year 2 Year 3 1 923 1,112 1,293 2 1,056 1,247 1,401 3 1,124 1,373 1,554 4 992 1,178 1,398 a. Construct a time series plot. What type of pattern exists in the data? b. Use a multiple regression model to develop an equation to account for seasonal and trend effects in the data. c. Compute the quarterly forecasts for next year based on the model developed in part (b)
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