One of the Primary Feeds for Beef Cattle Is Corn

question 31

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. $$\begin{array} { c c } \hline \text { Corn Price (\$/bu) } & \text { Ribeye Price (\$/lb) } \\\hline 5.97 & 12.20 \\6.37 & 12.86 \\5.92 & 12.51 \\5.91 & 12.28 \\5.79 & 12.67 \\6.35 & 13.13 \\\hline\end{array}$$ 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?

• A) $6.52 per lb
• B) -$0.95 per lb
• C) $0.15 per lb
• D) $0.95 per lb

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Definitions:

External Locus of Control

A psychological concept describing individuals who believe that their successes or failures result from external factors and forces beyond their personal control.

Perceived Benefits Analysis

The evaluation of the advantages or improvements that individuals or organizations anticipate or experience from a product, service, or action.

Social Risk

The fears that consumers suffer when they worry others might not regard their purchases positively.

Performance Risk

Involves the perceived danger inherent in a poorly performing product or service.