Question: Using the average baseball salary from 2000 through 2015 data for Problem 16.18 on page 570 (stored in BBSalaries ), Problem 16.18 a. fit a

Using the average baseball salary from 2000 through 2015 data for Problem 16.18 on page 570 (stored in BBSalaries ),

Problem 16.18
a. fit a third-order autoregressive model to the average baseball salary and test for the significance of the third-order autoregressive parameter. (Use a = 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 a = 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 a = 0.05.)
d. forecast the average baseball salary for 2016.

Year Salary ($millions) Year Salary (Smillions) 2000 2001 2002 2003 2004 2005 1.99 2.29 2.38 2.58 2.49 2.63 2.83 2.92 2010 2011 2012 2013 2014 2015 3.27 3.38 2007 4.25

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