break-even yield? The break-even price? 2. Assume that average annual wheat prices in your region for...
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break-even yield? The break-even price? 2. Assume that average annual wheat prices in your region for the past 10 years have been as follows: (Chapter 15, Page 295) (15%) Year 1 $3.63 Year 2 3.51 Year 3 3.70 Year 4 4.48 Year 5 7.16 Year 6 7.39 Year 7 5.26 Year 8 6.54 Year 9 8.38 Year 10 8.27 a. Calculate the simple average or mean. Calculate the coefficient of variation given that the standard deviation is 1.95. b. Draw a cumulative distribution function (CDF) for the price of wheat using the data above. c. From the CDF, estimate the probability that the annual average price of wheat will be $6.00 or less in a given year. break-even yield? The break-even price? 2. Assume that average annual wheat prices in your region for the past 10 years have been as follows: (Chapter 15, Page 295) (15%) Year 1 $3.63 Year 2 3.51 Year 3 3.70 Year 4 4.48 Year 5 7.16 Year 6 7.39 Year 7 5.26 Year 8 6.54 Year 9 8.38 Year 10 8.27 a. Calculate the simple average or mean. Calculate the coefficient of variation given that the standard deviation is 1.95. b. Draw a cumulative distribution function (CDF) for the price of wheat using the data above. c. From the CDF, estimate the probability that the annual average price of wheat will be $6.00 or less in a given year.
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