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One of the Primary Feeds for Beef Cattle Is Corn

question 31

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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.  Corn Price ($/bu)   Ribeye Price ($/lb)  5.9712.206.3712.865.9212.515.9112.285.7912.676.3513.13\begin{array} { c c } \hline \text { Corn Price (\$/bu) } & \text { Ribeye Price (\$/lb) } \\\hline 5.97 & 12.20 \\6.37 & 12.86 \\5.92 & 12.51 \\5.91 & 12.28 \\5.79 & 12.67 \\6.35 & 13.13 \\\hline\end{array} The least-squares regression line for predicting the ribeye price from the corn price is y = 6.3662 + 1.0315x.
If the price of corn differs by $0.15 per bushel, by how much would you expect the price of ribeye to Differ?

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Definitions:

Cash Disbursements

Payments made by a business in the form of cash or cash equivalents.

December

The last month of the year according to the Gregorian calendar, which is the twelfth one.

Merchandise

Goods that are purchased in finished form for the purpose of resale without further processing.

Cash Balance

The total amount of cash in a company's accounts at any given time.

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