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 $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.
Correct Answer:
Verified
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