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Suppose we have data for the unit costs of four agricultural products from 1998 to 2008.
Year
Pork ($/lb)
Beef ($/lb)
Chicken ($/lb)
Duck ($/lb)
1998
1.20
2.10
1.50
2.81
1999
1.45
2.40
1.35
3.10
2000
2.67
1.40
3.50
2001
1.23
2.78
1.56
3.67
2002
2.34
1.58
3.30
2003
2.55
1.53
3.52
2004
2.65
1.38
3.68
2005
1.55
2.87
1.62
3.70
2006
1.70
2.44
1.68
3.71
2007
1.60
2.60
3.73
2008
2.62
1.65
3.53
Use Excel or a statistical package to derive the variance-covariance matrix from the data above.
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