5.2 Refer to the hours worked regression model given in Table 4.5. Use log of hours worked as the regressand and fi nd out if the resulting model suff ers from heteroscedasticity. Show the diagnostic tests you use. How would you resolve the problem of heteroscedasticity, if it is present in the model? Show the necessary calculations. 5.3 Do you agree with the following statement: “Heteroscedasticity has never been a reason to throw out an otherwise good model?”20 5.4 Refer to any textbook on econometrics and learn about the Park, Glejser, Spearman’s rank correlation, and Goldfeld–Quandt tests of heteroscedasticity. Apply these tests to the abortion rate, wage rate, and hours of work regressions discussed in the chapter. Find out if there is any confl ict between these tests and the BP and White tests of heteroscedasticity.