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 $20, the estimated residual is -10.0.
B) When the price is equal to $20, the estimated residual is -5.0.
C) When the price is equal to $20, the estimated residual is 5.0.
D) When the price is equal to $20, the estimated residual is 10.0.
D) When the price is equal to $20, the estimated residual is 10.0.
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