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QUESTION
(c) Although it appears that price helps explain consumption, the scatterplot seems to show some nonlinear patterns. Find the residuals from your...
(c) Although it appears that price helps explain consumption, the scatterplot seems to show some nonlinear patterns. Find the residuals from your regression in (b) and plot them against time. Connect the successive points by line segments to help see the pattern. Are there systematic effects of time remaining after we regress consumption on price?
