Question: 1. Define the terms "heteroskedasticity" and "homoscedasticity." Explain the effects of heteroskedasticity on the estimates of the parameters and their variances in a normal regression model.
2. Explain the following tests for homoscedasticity.
(a) Ramseys test.
(b) Gold field and Quant's test.
(c) Glasers test.
(d) Breach and Pagans test.