Question: a. Define a first-order moving-average process in terms of the relationship between successive observations. b. What is a moving-average process a moving average of? c.

a. Define a first-order moving-average process in terms of the relationship between successive observations.
b. What is a moving-average process a moving average of?
c. Describe the forecasts for two or more periods into the future of a first-order moving-average process in terms of the long-run mean value for the estimated model.

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