Following are the expected average prices for lean market hogs for next year for North Carolina and Texas North Carolina (per cwt.) $44 47 50 56 63 Texas $40 45 50 54 61 1. Which state has the greatest range of expected prices, calculate and compare. (2 Points) 2. Calculate the simple average for each set of prices. How do they compare? (2 Points) 3. Calculate the standard deviation (4 Points), and coefficient of variation (4 Points) for each state. Which of these two measures would be better to measure the price risk? Why? (2 Points) 4. Based on your analysis depending on these measurements, which state is the "riskiest" in terms of prices? Explain. (4 Points)

Following are the expected average prices for lean market hogs for next year for North Carolina and Texas 1. Which state has the greatest range of expected prices, calculate and compare. (2 Points) 2. Calculate the simple average for each set of prices. How do they compare? (2 Points) 3. Calculate the standard deviation (4 Points), and coefficient of variation (4 Points) for each state. Which of these two measures would be better to measure the price risk? Why? (2 Points) 4. Based on your analysis depending on these measurements, which state is the "riskiest" in terms of prices? Explain. (4 Points)