Question: Given the time series data below. Year 1. 2. 3. 4. 5. Income (y) 79.1 82 84.9 87.8 90.7 6. 7. 8. 9. 10. 11.

Given the time series data below.

Year 1. 2. 3. 4. 5.

Income (y) 79.1 82 84.9 87.8 90.7

6. 7. 8. 9. 10. 11.

93.6 96.5 99.4 102 105 108.1

a) Estimate the model = 0 + 1 + and interpret the results.

b) Also, estimate the model = 0 + 1( 1) + and interpret the results.

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