This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What is the relationship between diamond price and carat size? 307 diamonds were sampled (ranging in ... (Read 52 times)

tichca

  • Hero Member
  • *****
  • Posts: 554
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
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by tichca on Feb 14, 2020

prumorgan

  • Sr. Member
  • ****
  • Posts: 326
Reply #1 on: Feb 14, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 39% of students answer this correctly


tichca

  • Member
  • Posts: 554
Reply 2 on: Feb 14, 2020
YES! Correct, THANKS for helping me on my review

amcvicar

  • Member
  • Posts: 341
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

Every 10 seconds, a person in the United States goes to the emergency room complaining of head pain. About 1.2 million visits are for acute migraine attacks.

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

Did you know?

Congestive heart failure is a serious disorder that carries a reduced life expectancy. Heart failure is usually a chronic illness, and it may worsen with infection or other physical stressors.

Interaction web of factors that might influence locust population size. Interaction web of factors that might influence locust population size.
Here are images of live zebrafish that were studied for genetics and head size to give insight into Here are images of live zebrafish that were studied for genetics and head size to give insight into
Young adults usually grieve loss of a role, such as employment or the breakup of a relationship. Young adults usually grieve loss of a role, such as employment or the breakup of a relationship.
Index of seed size and hardiness prior to, during, and after drought. Index of seed size and hardiness prior to, during, and after drought.
This map shows the percentage of Protestants by state in Germany. When compared to the previous map This map shows the percentage of Protestants by state in Germany. When compared to the previous map
Beak size in finches during dry years increases because of strong selection Beak size in finches during dry years increases because of strong selection
Video: Transmission Across a Synapse

For a complete list of videos, visit our video library