(a) Using the data from Exercise 11.1, calculate a regression of X on t and t 2 (and a constant) to find the trend cycle series. Use observations for 2009–12 only for the regression equation.
(b) Graph the original series and the calculated trend line.
(c) Use the new trend line to calculate the seasonal factors.
Total sales in an industry are $400m. The largest five firms have sales of $180m, $70m, $40m, $25m and $15m. Calculate the three- and five-firm concentration ratios.
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