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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<sup>d</sup> = 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. 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: Qd = 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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