Question

One of the primary foods for beef cattle is com. The following table presents the average price in dollars for a bushel of com and a pound of ribeye steak for 10 consecutive months Com Price ($/bu) Ribeye Price (S/1b) 6.02 12.71 6.48 13.07 5.77 12.00 5.95 12.48 5.99 12.36 6.55 14.17 The least squares regression line for predicting the ribeye price from the com price in D - -0.7225 +2.2069x. Predict the ribeye price in a month when the com price was $6.28 per bushel. C$14.52 per lb C$13.14 per lb $12.48 per lb $13.86 per lb

Answer 1

We are given the leat Square Regression line Equation i.e. y = -0.7225 + 2.2069x

And we are asked to find the Ribeye Price when the Corn Price is $6.28

So, we just need to substitute y=6.28 in the aboce gien Equation and solve for x

i.e.

6.28 = -0.7225 + 2.2069x

6.28 + 0.7225 = 2.2069x

7.0025 = 2.2069x

x = 13.1368

x $\approx$ 13.14

i.e. Option No. 2

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