10. The regression analysis below relates average annual per capita beef consump

Question

10. The regression analysis below relates average annual per capita beef consumption (in pounds) and the independent variable "average annual beef price" (in dollars per pound). In a year in which the average price of beef is at $3.51 per pound, we can expect average annual per capita beef consumption to be approximately pounds 55.2 052.6 053.6 Average Annual Beef Consumption vs. Average Annual Beef Price Regression Statistics MultipleR Adjusted R Standard Error 0.7524 0.5662 0.5372 2.9117 17 F test results Observations 19.57 0.0005 Coefficlents Std Error t Stat Pvalue 7.30 11.67 0.0000 2.10 -4.42 0.0005 onsumption and Price 85.24 9.31 Avg. Beef Price

Explanation / Answer

Regression equation is

y = 85.24-9..31*3.51

y = 52.6

So, Option B is Correct

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