Refer to the table below. 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?



The table above shows a sample of actual data used to estimate the demand function for Happy Clams seafood dinners.



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.


D) When the price is equal to $16, the estimated residual is 28.0.

Anthropology & Archaeology

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Anthropology & Archaeology

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