. The regression analysis below relates average annual per capita beef consumpti

Question

. 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). What does the coefficient on beef price tell us? OFor every price increase of $1, average beef consumption decreases by 9.31 po OFor every price increase of $1, average beef consumption increases by 9.31 pounds. For every price increase $9.31, average beef consumption decreases by 1 pound. For price increase of $9.31, average beef consumption increases by 1 pound. Average Annual Beef Consumptio vs. Average Annual Beef Price Regression Statistics Multiple R 0.7524 0.5662 0.5372 2.9117 Adjusted R Standard Error

Explanation / Answer

Average beef price has coefficient -9.31.

Interpretation of the coefficient on beef price.

For every price increase of $1, average beef consumption decreased by 9.31 pounds.

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