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a) What do skewness and kurtosis of a variable imply for its distribution? [5 marks] b) What is the difference between autocorrelation and partial autocorrelation
a) What do skewness and kurtosis of a variable imply for its distribution? [5 marks]
b) What is the difference between autocorrelation and partial autocorrelation functions? How can we use these two statistics to identify the autoregressive and moving average components of a time series? [5 marks]
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