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 $18, the actual quantity sold exceeds the predicted quantity sold.
B) When the price is equal to $18, the estimated residual is zero.
C) When the price is equal to $18, the predicted quantity sold exceeds the actual quantity sold.
D) When the price is equal to $18, the actual quantity sold equals the predicted quantity sold.
C) When the price is equal to $18, the predicted quantity sold exceeds the actual quantity sold.
You might also like to view...
Upon its initial publication, Darwin's On the Origin of Species __________
a. was not widely read b. quickly sold out c. was written only for a scientific audience d. was not popular with the general public
During the second and third millennia B.C., the inhabitants of Mesopotamia were:
A. dominated by a single empire centered at Uruk. B. subdivided politically into a series of city-states. C. practitioners of scapulimancy. D. dependent on a diet of millet and pig.
Bullae are:
A. geometrically shaped clay tokens. B. supernatural Egyptian creatures that are part bull and part human. C. hollow clay spheres used to enclose clay tokens in ancient Mesopotamia. D. large storage facilities that were associated with temples. E. Mesopotamian tombs.
The first clear evidence of stone tools appeared more than __________ million years after the appearance of bipedalism.
A) 1 B) 2 C) 4 D) 10