Let Yt be the sales during month t (in thousands of dollars) for a photography studio, and
Question:
Yt = a + b1Yt - 1 + b2Pt + et
This equation indicates that last month’s sales and the current month’s price are explanatory variables. The last term, et, is an error term.
a. If the price of a portrait during month 21 is $10, what would you predict for sales in month 21?
b. Does there appear to be a problem with autocorrelation of the residuals?
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Related Book For 
Data Analysis and Decision Making
ISBN: 978-0538476126
4th edition
Authors: Christian Albright, Wayne Winston, Christopher Zappe
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