The Table Above Shows a Sample of Actual Data Used

question 87

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 $25, the estimated residual is 0.
• B)When the price is equal to $25, the estimated residual is - 1.50.
• C)When the price is equal to $25, the estimated residual is 1.50.
• D)When the price is equal to $25, the predicted quantity of dinners sold exceeds the predicted quantity of dinners sold.

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