There is a dataset on upload file. It is a time series model of consumption.a) given the model C = f( GDP, Yd, and PR) where C = Consumption, GDP is GDP, Yd is personal income, and PR is the prime rate, state the hypothesis of each of these variables.b) run the model above and test the hypotheses at the 1 and 5% levels using an asterisk (*) for statistically significant and the 5% and ** for the 1%. Provide the printout in David- acceptable format.c) since this is a time series dataset you are concerned about the existence of serial correlation. Test this at the 5% level using the durbin-watson d statistic. What was the result of the test.d) plot the residuals of this model and see if you detect any visual sign of positive or negative serial correlation? Display this graph on your HW.e) Whether or not you found any evidence of serial correlation you would want to re-estimate the model with Newey-West robust standard errors. What are your results of this model? How do they compare with the results of the first model?e) Do you detect any other problems from among the several that we have considered at this point?f) What suggestions would you make to run a better model?