The Table Above Shows a Sample of Actual Data Used

question 72

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 $16, the estimated residual is - 8.0.
• B)When the price is equal to $16, the estimated residual is 8.0.
• C)When the price is equal to $16, the estimated residual is - 28.0.
• D)When the price is equal to $16, the estimated residual is 28.0.

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Definitions:

Older Adults

Individuals typically aged 65 and over, often characterized by varying degrees of health, cognitive function, and social engagement.

Children

Individuals in the early stages of life development, from birth through to the beginning of adolescence, characterized by rapid physical, cognitive, and emotional growth.

Doctors

Licensed professionals who diagnose and treat physical and mental health conditions, often holding a degree in medicine.

Siblings

Brothers or sisters, including full, half, step, or adopted, who share at least one common parent.