Explain the generalised least square procedure, Microeconomics

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(a) What is  meant by heteroscedasticity and what are the consequences of applying OLS estimation in its presence?

(b) Explain in details the Generalised least Square procedure that can be used to correct  the problem of heteroscedasticity  and propose other alternative solutions?

(c) Explain and show graphically what autocorrelation means, what  are  the consequences of ignoring it and how can the application of the Durbin-Watson test helps in detecting it?


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