how should the model be estimated in this case explain briefly why this will eliminate autocorrelation

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Question 1- A simple OLS estimation equation between consumption growth (gc) and growth in disposable income (gy) is (with standard error in parenthesis): gct = .0081 + .571 gyt (.0019) (.067) n = 36, R2 = .679. a. Define serial correlation. What is the consequence if you detect serial correlation? b. You are using T-test procedure to check if the error term is AR(1) serial correlation. If the coefficient for AR (1) is -0.89 and standard error is 0.178. What do you conclude? Why? c. How should the model be estimated in this case? Explain briefly why this will eliminate autocorrelation.

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