Question

Consider the following time series data.

Month 1 2 3 4 5 6 7
Value 24 13 20 12 19 23 15

Construct a time series plot. What type of pattern exists in the data?

Answer 1

A time series plot can be constructed to show the pattern in the data, which appears to have a downward trend followed by an increase. The X and Y variables in this data would not be good candidates for linear regression.

Step-by-step explanation:

A time series plot can be constructed using the given data. The months are plotted on the horizontal axis and the corresponding values are plotted on the vertical axis. The data points are then connected with line segments to show the pattern of change over time.

In this case, the time series plot would show a downward trend. The values start at 24 in the first month, decrease to 12 in the fourth month, and then increase again. This pattern suggests a possible decrease in the value over time, followed by an increase.

The X and Y variables in this data would not be good candidates for linear regression because the relationship between them does not seem to be a straight line.