Derive a confidence interval for the forecast for 1994

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Use the Salkever indirect method to compute forecasts and their standard errors for the logarithmic demand function for your category of expenditure. Add dummy variables to the last four observations and hence obtain the prediction errors for these years, given a regression based on the first 32 observations. Subtract these from the actual outcomes to obtain the forecasts. Derive a confidence interval for the forecast for 1994.

Reference no: EM131132356

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