*3.5.1 Serial correlation tests of residuals*

Serial correlation was undertaken to test whether the residual is correlated with its own lagged values using the Breusch-Godfrey LM test for serial correlation, and the results are presented in **Table 4** below.

The Breusch-Godfrey serial correlation test statistic for the null hypothesis of no serial correlation (**Table 4**) for regression I has a probability value of 0.2739, which is greater than 5 percent. Thus, we fail to reject the null hypothesis, which indicates that there is no serial correlation in the residuals.
