Observe the following residual plot. Determine if any of the assumptions are violated. If a violation has occurred, state it and propose a fix.
Definitions:
Inferior Good
A type of good for which demand decreases as the income of consumers increases, and vice versa.
Income Increase
A rise in the amount of money received, especially on a regular basis, through work, investments, or other sources.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity demanded.
Supply Analysis
The examination and evaluation of the supply side of the market, focusing on factors such as production capacity, supplier behavior, and costs.
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