One of the Primary Feeds for Beef Cattle Is Corn

question 28

Multiple Choice

One of the primary feeds for beef cattle is corn. The following table presents the average price in dollars for a bushel of corn and a pound of ribeye steak for 10 consecutive months.
$\begin{array}{cc}\hline \text { Corn Price }(\$ / \mathrm{bu}) & \text { Ribeye Price }(\$ / \mathrm{lb}) \\\hline 6.34 & 13.22 \\5.93 & 12.06 \\6.45 & 13.72 \\6.19 & 12.75 \\6.56 & 13.27 \\5.94 & 12.17 \\\hline\end{array}$
The least-squares regression line for predicting the ribeye price from the corn price is $y = - 1.7478 + 2.3437 x$ .
If the price of corn differs by $\$ 0.35$ per bushel, by how much would you expect the price , ribeye to differ?

• A) \(- \$ 0.61\) per lb
• B) \(\$ 0.61\) per lb
• C) \(\$ 0.93\) per lb
• D) \(\$ 0.82\) per \(\mathrm { lb }\)

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