I had hazard light problems because I had a shorted bulb in the front turn signal housing/wire short.
Page 130 http://www.lilevo.com/mirage/89%20Colt% ... 0TURBO.pdf
It is a complicated circuit but essentially the hazard controls activation of all signal bulbs, so any switch/relay functions it creates, could be bad if the hazard switch is bad, or the relay is bad. Relays should be a dime a dozen in the yards if you can find the identical one or order one from RockAuto or similar parts warehouse systems. Just be sure it is identical so it can handle the loads. Never hurts to have a spare if it tests okay, but also consider that a spare Hazard switch is not a bad thing either. You will have to wrestle the upper gauge cluster surround and it will likely break unless you have a new one installed recently. The screws holding everything in place are notorious for being tight and snapping plastics. Heck, the plastic breaks without anyone even pulling on it!