The data file wages contains monthly values of the average hourly wages (in dollars) for workers in the U. S. apparel and textile products industry for July 1981 through June 1987.

a. Display and interpret the time series plot for these data.
b. Use least squares to fit a linear time trend to this time series. Interpret the regression output. Save the standardized residuals from the fit for further analysis.
c. Construct and interpret the time series plot of the standardized residuals from part (b).
d. Use least squares to fit a quadratic time trend to the wages time series. (i. e y(t)=βo+β1t+β2t^2+et). Interpret the regression output. Save the standardized residuals from the fit for further analysis.
e. Construct and interpret the time series plot of the standardized residuals from part (d).