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(a) Explain carefully what is meant by autocorrelation. (b) What are its consequences for econometric estimation? (c) How can it be detected? (d) 13 What

(a) Explain carefully what is meant by autocorrelation. (b) What are its consequences for econometric estimation? (c) How can it be detected? (d) 13 What remedial measures can be taken for estimation if the regression residuals are autocorrelated

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