Since we have four quarters we will have to include 4-1=3 dummy variable in regression model Q1=1 when first quarter: 0 owtherwise Q2=1 when second quarter: 0 o wtherwise Q3=1 when third quarter: 0 owtherwise e=Error term so if q1 is 1, q2 is 1, q3 is 1 so q4 is 0 or e?

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