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 6 months. Corn Price (S/bu) Ribeye Price ($1b) 6.35 12.87 6.20 13.30 5.82 11.85 6.18 12.64 6.00 12.29 6.57 14.16 The least-squares regression line for predicing the ribeye price form the corn price is y = 2.8678x - 4.8904, and the correlation coefficient is r = 0.9280. Use this information to answer the questions below. a. Predict the ribeye price in a month when the corn price is $6.40 per bushel. Round to the nearest cent. Ribeye price = $ b. Interpret the correlation coefficient by completing the following statement. "As the corn price increases, the price of ribeye (

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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 6 months.
Corn Price (S/bu) Ribeye Price (S1b)
6.35
12.87
6.20
13.30
5.82
11.85
6.18
12.64
6.00
12.29
6.57
14.16
The least-squares regression line for predicing the ribeye price form the corn price is y = 2.8678x - 4.8904, and the correlation coefficient is r= 0.9280. Use this information to
answer the questions below.
a. Predict the ribeye price in a month when the corn price is $6.40 per bushel. Round to the nearest cent.
Ribeye price = $
%3D
b. Interpret the correlation coefficient by completing the following statement. "As the corn price increases, the price of ribeye
Transcribed Image Text: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 6 months. Corn Price (S/bu) Ribeye Price (S1b) 6.35 12.87 6.20 13.30 5.82 11.85 6.18 12.64 6.00 12.29 6.57 14.16 The least-squares regression line for predicing the ribeye price form the corn price is y = 2.8678x - 4.8904, and the correlation coefficient is r= 0.9280. Use this information to answer the questions below. a. Predict the ribeye price in a month when the corn price is $6.40 per bushel. Round to the nearest cent. Ribeye price = $ %3D b. Interpret the correlation coefficient by completing the following statement. "As the corn price increases, the price of ribeye
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