Krish when you look at the scatter plot you can visualise the fact that error terms are not constant, with change in GDP there is a change in $Z which means error term is not constant & there is presence of serial correlation.
Even the change is not linear, as GDP rises $Z either falls or rises.
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Krish when you look at the scatter plot you can visualise the fact that error terms are not constant, with change in GDP there is a change in $Z which means error term is not constant & there is presence of serial correlation.
Even the change is not linear, as GDP rises $Z either falls or rises.
I hope the explanation helps you. Thank you!