Question: a. Define a first-order ARMA process in terms of the relationship between successive observations. b. What parameter value would you set equal to zero in

a. Define a first-order ARMA process in terms of the relationship between successive observations.
b. What parameter value would you set equal to zero in an ARMA process in order to have an autoregressive process?
c. What parameter value would you set equal to zero in an ARMA process in order to have a moving average process?
d. Describe the forecasts for the distant future based on an ARMA process.

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