The Table Above Shows a Sample of Actual Data Used

question 82

Multiple Choice

The table above shows a sample of actual data used to estimate the demand function for Happy Clams seafood dinners.
-Refer to the table above. Excel estimates the demand function for Happy Clams seafood dinners to be: Q^d = 1,200 - (20.50 × P) . Which of the following statements is true?

• A)When the price is equal to $20, the estimated residual is - 10.0.
• B)When the price is equal to $20, the estimated residual is - 5.0.
• C)When the price is equal to $20, the estimated residual is 5.0.
• D)When the price is equal to $20, the estimated residual is 10.0.

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Definitions:

Duty To Obey

The legal or ethical obligation to follow lawful orders, commands, or instructions from authority figures or entities.

Good Faith

The principle of entering into agreements or negotiations with honest intentions without intending to defraud the other party.

Indemnify

To compensate for harm or loss suffered, or to protect someone by promising to cover any damages or losses they might incur.

Exercise Care

The obligation to act with the prudence, caution, and attentiveness of a reasonable person in order to avoid harm to others.