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Homoscedasticity basially means "same variance". So, it is present when the error term is the same across all values of an independent variable. 
Another way to easily understand it - "having the same scatter". 

Homoscedasticity

Heteroscedasticity is an opposite concept to homoscedasticity. It is when there is unequal scatter of the residuals. This often occurs in situations with a large range present in the dataset. If there is heteroscedasticity present within the dataset, then the dataset is not eligible for linear regression. 

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