Question: 7.1 What is a joint hypothesis? Explain how an F-statistic is constructed to test a joint hypothesis. What is the hypothesis that is tested by

7.1 What is a joint hypothesis? Explain how an F-statistic is constructed to test a joint hypothesis. What is the hypothesis that is tested by constructing the overall regression F-statistic in the multiple regression model Yi = b0 + b1X1i + b2X2i + ui? Explain using the concepts of restricted and unrestricted regressions. Why is it important for a researcher to have information on the distribution of the error terms when implementing these tests?

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