Use the following information on total nonfarm payrolls in New Jersey from 1965 to 1989, which is taken from New Jersey Economic Indicators, March 1990, to answer question.

Compare the different forecasts of nonfarm income that you made in questions 54–56.

Question 54

Compute the 3-year moving average for nonfarm income. Use this information to forecast nonfarm income in 1990 and in 1991.

Question 55
Use the MINITAB program to do a time trend regression to forecast nonfarm income in 1990 and in 1991.

Question 56
Use a first-order autoregressive process to forecast nonfarm income in 1990 and in 1991.

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Year 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 Total nonfarm Payrolls 2,257.8 2,359.1 2,421.5 2,485.2 2,569.6 2,606.2 2,607.6 2,674.4 2,760.8 2,783.4 2,699.9 2,753.7 2,836.9 Year 1978 1979 1980 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 Total nonfarm. Payrolls 2,961.9 3,027.2 3,060.4 3,060.4 3,089.9 3,092.7 3,165.1 3,329.3 3,414.1 3,489.9 3,581.6 3,659.5 3,709.8