The Table Above Shows a Sample of Actual Data Used

question 81

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 $22, the actual quantity sold exceeds the predicted quantity sold.
• B)When the price is equal to $22, the actual quantity sold equals the predicted quantity sold.
• C)When the price is equal to $22, the estimated residual is zero.
• D)When the price is equal to $22, the predicted quantity sold exceeds the actual quantity sold.

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