Briefly explain why the family of Box-Cox transformations is preferred over the simpler-looking family of power transformations

2. The sample ACF and PACF’s are not the same as the “true” ACF and PACF’s.
(a) What inputs are needed to compute the sample ACF and PACF’s?
(b) What inputs are needed to compute the “true” ACF and PACF’s?
(c) How would you explain the difference between the sample ACF and PACF’s and the “true” ACF and PACF’s to someone who has not has exposure to time series analysis (be brief)?

3. Briefly explain:
(a) When and why the principle of parsimony is important in time series modeling.
(b) When the principle of parsimony is not important in time series modeling.