Question: Refer to the data given in Problem 16.18 on page 682 (stored in BBSalaries) that represent the average baseball salary from 2000 through 2010. a.

Refer to the data given in Problem 16.18 on page 682 (stored in BBSalaries) that represent the average baseball salary from 2000 through 2010.
a. Fit a third-order autoregressive model to the average baseball salary and test for the significance of the third-order autoregressive parameter. (Use α = 0.05.)
b. If necessary, fit a second-order autoregressive model to the average baseball salary and test for the significance of the second-order autoregressive parameter. (Use α = 0.05.)
c. If necessary, fit a first-order autoregressive model to the average baseball salary and test for the significance of the first-order autoregressive parameter. (Use α = 0.05.)
d. Forecast the average baseball salary for 2011.

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a Coefficients Standard Error t Stat Pvalue Intercept 0213267424 0455260021 0468451905 0663849733 X ... View full answer

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