Refer to Table 4-11. The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick. What are the equilibrium price and quantity (in thousands) for Chef Ernie's sushi?

Consider a situation where economic theory suggests that you impose certain restrictions on your estimated multiple regression function

These may involve the equality of parameters, such as the returns to education and on the job training in earnings functions, or the sum of coefficients, such as constant returns to scale in a production function. To test the validity of your restrictions, you have your statistical package calculate the corresponding F-statistic. Find the critical value from the F-distribution at the 5% and 1% level, and comment whether or not you will reject the null hypothesis in each of the following cases. (a) number of observations: 152; number of restrictions: 3; F-statistic: 3.21 (b) number of observations: 1,732; number of restrictions:7; F-statistic: 4.92 (c) number of observations: 63; number of restrictions: 1; F-statistic: 2.47 (d) number of observations: 4,000; number of restrictions: 5; F-statistic: 1.82 (e) Explain why you can use the Fq,? distribution to compute the critical values in (a)-(d). What will be an ideal response?

When diminishing marginal returns set in, marginal product is

a. positive and increasing b. positive and decreasing c. negative and increasing d. negative and decreasing e. zero