Question: 10. What does the error term represent in the classical linear regression model? 11. What is the key principle behind ordinary least squares estimation? 12.

10. What does the error term represent in the classical linear regression model?

11. What is the key principle behind ordinary least squares estimation?

12. What is the difference between the population regression function and the sample regression function?

13. What is meant by the term auto-correlation?

14. What is meant by the term heteroskedasticity?

15. Please explain and discuss the objective of ordinary least squares estimation.

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