Answer to Question #214713 in Macroeconomics for Erza Scarlet

Question

Question 2 (7 marks)
Assume you work as an Economist for the Ministry of Sugar Exports and provided the following
data on sugar exports earnings ($USD millions).
Year Sugar Exports Year Sugar Exports Year Sugar Exports
1980 10048 1991 10003 2002 9954
1981 10050 1992 9998 2003 9949
1982 10046 1993 9995 2004 9944
1983 10042 1994 9990 2005 9939
1984 10040 1995 9985 2006 9934
1985 10032 1996 9980 2007 9929
1986 10034 1997 9975
1987 10026 1998 9971
1988 10021 1999 9966
1989 10013 2000 9961
1990 10008 2001 9959
a) Based on the information provided, determine the appropriate model that will fit the data
well. State any assumptions you make.
[4 marks]
b) Based on your model in part a) above, forecast the sugar export earnings for the period
2008-2010.
[3 marks]

Answer 1

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