SCENARIO 16-13 Given below is the monthly time series data for U.S.retail sales of building materials over a specific year. The results of the linear trend, quadratic trend, exponential trend, first-order autoregressive, second-order autoregressive and third-order autoregressive model are presented below in which the coded month for the month is 0: Below is the residual plot of the various models:
-Referring to Scenario 16-13, the best model based on the residual plots is the exponential-trend regression model.

Question

SCENARIO 16-13 Given below is the monthly time series data for U.S.retail sales of building materials over a specific year.  The results of the linear trend, quadratic trend, exponential trend, first-order autoregressive, second-order autoregressive and third-order autoregressive model are presented below in which the coded month for the  month is 0:  Below is the residual plot of the various models: 
-Referring to Scenario 16-13, the best model based on the residual plots is the exponential-trend regression model.

Quizplus · Accepted Answer

Without specific details on Scenario 16-13 and the residual plots of the models in question, it's impossible to accurately determine which model is best. The best model is typically chosen based on the residual plots that display the least pattern, indicating that the residuals are randomly distributed, but without seeing the actual plots or having more context, we cannot confirm the statement.

SCENARIO 16-13 Given Below Is the Monthly Time Series Data