NEBRASKA BEEF PRICES

FROM 1960 to 2004

William Rupnow
2014


Average Beef Prices in years from 1960























Years
Since 1960 Price
1960 25.76
1961 24.27
1962 27.14
1963 23.37
1964 22.42
1965 25.32
1966 25.65
1967 25.22
1968 26.96
1969 29.69
1970 29.25
1971 32.32
1972 35.59
1973 44.25
1974 41.75
1975 45.1
1976 38.85
1977 40.5
1978 52.53
1979 67.53
1980 67.08
1981 64.17
1982 65.16
1983 63.49
1984 66.77
1985 59.28
1986 58.79
1987 65.65
1988 70.58
1989 73.44
1990 78.31
1991 72.88
1992 75.31
1993 76.48
1994 69.09
1995 66.52
1996 65.09
1997 66.27
1998 61.6
1999 65.47
2000 69.46
2001 72.58
2002 67
2003 84.58
2004 84.7
y = 1.3772x + 23.329
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Years
Average Price of Beef in years
since 1960
Price
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Years
Average Price of Beef in years
since 1960
Price
Human Projected Line
y = 6.9/4.3 + 23
Computer Projected Line

Computer Projected Line
The Computer projected lines equation was y = 1.3772x + 23.329. Being that the starting point for
everything would be $23.329. Then, the 1.3772 would be the slope of the line. Since the computer only
knows the data given it only has a line for the data given and not a good projected line.
Human Projected Line
The Human projected lines equation was y = 6.9/4.3 + 23. Being that the starting point for
everything would be $23. Then, the 6.9/4.3 would be the slope of line. Being that we know beef prices go
to higher amounts [ex. 153.2], our Human projected line has a higher slope.

Work:
(1,24.27), (27,65.65)

65.65-24.27 = 41.38 = 20.69 = 6.9
27-1 26 13 4.3
This is the slope, which means you add about $7 every 4.5 years
23 would be the starting of the line
Explanation
The source for this data is from the Nebraska Cattleman website. In the Computer projected line, it
used only the data given and had no knowledge of how markets go after 2004. The equation of that line is
y = 1.3772x + 23.329. Being that he price of beef goes up about $1.38 every year. The Human projected
line uses the data given and the knowledge of the process after 2004. The equation of that line is
y = 6.9/4.3 + 23. Being that the price of beef goes up $7 every 4.5 years.
Compare
There is a better line of the two. The Human projected line is better. This because we know that
the prices go up even after the highest point (84.7). With that line you get a more realistic interpretation
the data given and future data. The Computer projected line does do the perfect job of showing the trend
line of the data given, but not future prices.
Predictions

(2015) 55 years after - $111.25

(2030) 70 years after - $135.32

(2060) 100 years after - $183.47


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