Question: (d) Explain why the Nt term should be modeled with an ARIMA model rather than modeling the data using a standard regression package. In your

(d) Explain why the Nt term should be modeled with an ARIMA model rather than modeling the data using a standard regression package. In your discussion, com-

ment on the properties of the estimates, the validity of the standard regression results, and the importance of the Nt model in producing forecasts.

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