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An online travel agency is performing market analysis to determine how their sales have impacted brick-and-mortar travel agencies in key cities since its launch ten years ago. The table below contains the monthly number of airline tickets sold by a local travel agency in Grand Rapids, Michigan during the first four years of the online travel agency's business.
-(A) Is this time series random? Perform a runs test and compute a few autocorrelations to support your answer.
(B) Does a linear trend appear to fit these data well? If so, estimate the linear-trend model for this time series, and interpret the value.
(C) Is there evidence of some seasonal pattern in these sales data? If so, characterize the seasonal pattern, and explain how to forecast future values.
Height
A measurement of an individual or object from base to top or head to foot, commonly used in various contexts to determine vertical length.
Inches
A unit of length in the Imperial and United States customary systems, equivalent to 1/12th of a foot or 2.54 centimeters.
Pounds
Pounds are a unit of weight measurement in the imperial system, equivalent to 0.453592 kilograms.
Least Squares Line
A regression line determined by minimizing the sum of the squares of the differences between observed and predicted values.
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