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1.The regression analysis at the bottom relates average annual per capita beef consumption (in pounds) and the independent variables "average annual

1.The regression analysis at the bottom relates average annual per capita beef consumption (in pounds) and the independent variables "average annual per capita pork consumption" (in pounds) and "average annual beef price" (in dollars per pound).

Which of the independent variables is significant at the 0.01 level?

a)Beef price only.
b)Pork consumption only.
c)Both independent variables.
d)Neither independent variable.

2. The coefficient for beef price, -12, tells us that:

a)For every $1 increase in beef price, average beef consumption decreases by 12 lbs, not controlling for pork consumption.
b)For every $12 drop in beef price, average beef consumption decreases by 1 lbs, not controlling for pork consumption.
c)For every $1 increase in beef price, average beef consumption decreases by 12 lbs, controlling for pork consumption, i.e. holding pork consumption constant.
d)For every $12 decrease in beef price, average beef consumption decreases by 1 lbs, controlling for pork consumption, i.e. holding pork consumption constant.

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1.The regression analysis at the bottom relates average annual per capita beef consumption (in
pounds) and the independent variables "average annual per capita pork consumption" (in...

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