2. Let's consider the model: price = Bo + Birooms + B2sq feet +u (1) You estimate the model of price using 88 observations and get the residual, . Set up a model of the squared residual (i.e. u(hat)-squared) for a Breusch-Pagan test, and state the null hypothesis for the test. (2) You estimate the model of ? for Breusch and Pagan's heteroskedasticity test (that you set up in Q2(1)) and have R22 = 0.120. What is the LM statistic in the case? The critical value of x is 5.99 at the 5% level. In the case, is the error u in the model of price heteroskedastic or homoskedastic at the 5% level? (3) Specify a model of 2 for the White's test, and state the null hypothesis for the test. 2. Let's consider the model: price = Bo + Birooms + B2sq feet +u (1) You estimate the model of price using 88 observations and get the residual, . Set up a model of the squared residual (i.e. u(hat)-squared) for a Breusch-Pagan test, and state the null hypothesis for the test. (2) You estimate the model of ? for Breusch and Pagan's heteroskedasticity test (that you set up in Q2(1)) and have R22 = 0.120. What is the LM statistic in the case? The critical value of x is 5.99 at the 5% level. In the case, is the error u in the model of price heteroskedastic or homoskedastic at the 5% level? (3) Specify a model of 2 for the White's test, and state the null hypothesis for the test