The Table Above Shows a Sample of Actual Data Used

question 35

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 $18, the actual quantity sold exceeds the predicted quantity sold.
• B)When the price is equal to $18, the estimated residual is zero.
• C)When the price is equal to $18, the predicted quantity sold exceeds the actual quantity sold.
• D)When the price is equal to $18, the actual quantity sold equals the predicted quantity sold.

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Definitions:

Borda Count Election

A voting method that involves ranking candidates in order of preference, with points assigned based on position in the ranking, to determine the winner.

First Choice

The primary option or preference selected from a range of alternatives.

Pairwise Votes

A method of voting where each candidate is matched against every other candidate in one-on-one comparisons.

Majority Determining

The process by which the greater number or majority's choice decides an outcome in a decision-making context.