The question is: define the best time series process of the given autocorrelation and PAC. Do interpretation in b part. make suggestions. For details see below please:

(a) Table 1 reports the sample autocorrelation (AC) and partial autocorrelation (PAC) functions obtained from a time series y. with sample size T=300. Table 1 Can you identify the most appropriate time series process for this data? Justify your answer and provide a graphic representation of the AC and PAC functions including the 95% significance bounds. {6 marks] b} A researcher estimates an AR[1) model for the series y: , conduct diagnostic checking of the model and reports the following results: Portmanteau test for white noise Portmanteau (Q) statistic 52.7412 Web > chizue) erases Interpret the results in the table and explain what the researcher should do next. [4 marks)