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Note: The data were collected by Gary R. Smith from sources such as American Metal Market, Metals Week, and U.S. Department of Commerce publications.

C = 12-month average U.S. domestic price of copper (cents per pound) G = annual gross national product ($, billions)

I = 12-month average index of industrial production L = 12-month average London Metal Exchange price of copper (pounds sterling) H = number of housing starts per year (thousands of units) A = 12-month average price of aluminum (cents per pound)

c. If so, estimate p by the i. Theil-Nagar method ii. Durbin two-step procedure iii. Cochrane-Orcutt method d. Use the Theil-Nagar method to transform the data and run the regression on the transformed data.

e. Does the regression estimated in d exhibit autocorrelation? If so, how would you get rid of it?

12.28. Refer to exercise 12.26 and the data given in Table 12.7. If the results of this exercise show serial correlation,

500 PART TWO: RELAXING THE ASSUMPTIONS OF THE CLASSICAL MODEL

Y, personal consumption expenditure, billions of 1958 dollars

X, time

Y,estimated Y*

รถ, residuals

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