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In order to capture monthly seasonality in a regression model, a series of indicator variables must be created. Assume January is the default month and
In order to capture monthly seasonality in a regression model, a series of indicator variables must be created. Assume January is the default month and that the indicator variables are setup for the remaining months in order.
a) How many indicator variables would be needed?
b) What values would the indicator variables take when representing March? Enter your answer as a list of 0s and 1s separated by commas.
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