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Author Question: What is the relationship between diamond price and carat size? 307 diamonds were sampled (ranging in ... (Read 75 times)

tichca

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on: Feb 14, 2020
What is the relationship between diamond price and carat size? 307 diamonds were sampled (ranging in size from 0.18 to 1.1 carats) and a straight-line relationship was hypothesized between y = diamond price (in dollars) and x = size of the diamond (in carats). The simple linear regression for the analysis is shown below:

Least Squares Linear Regression of PRICE

Predictor
Variables Coefficient Std Error T P
Constant -2298.36 158.531 -14.50 0.0000
Size 11598.9 230.111 50.41 0.0000

R-Squared 0.8925 Resid. Mean Square (MSE) 1248950
Adjusted R-Squared 0.8922 Standard Deviation 1117.56

Interpret the estimated y-intercept of the regression line.
◦ When a diamond is 0 carats in size, we estimate the price of the diamond to be $2298.36.
◦ When a diamond is 0 carats in size, we estimate the price of the diamond to be $11,598.90.
◦ When a diamond is 11598.9 carats in size, we estimate the price of the diamond to be $2298.36.
◦ No practical interpretation of the y-intercept exists since a diamond of 0 carats cannot exist and falls outside the range of the carat sizes sampled.
Statistics ¦ McClave, Sincich, Tamarack ¦ 12th Edition
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Marked as best answer by tichca on Feb 14, 2020

prumorgan

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Reply #1 on: Feb 14, 2020
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tichca

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Reply 2 on: Feb 14, 2020
Excellent

ultraflyy23

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Reply 3 on: Yesterday
Gracias!

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