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 69 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
Thanks for the timely response, appreciate it

komodo7

  • Member
  • Posts: 322
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Common abbreviations that cause medication errors include U (unit), mg (milligram), QD (every day), SC (subcutaneous), TIW (three times per week), D/C (discharge or discontinue), HS (at bedtime or "hours of sleep"), cc (cubic centimeters), and AU (each ear).

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?

The FDA recognizes 118 routes of administration.

Did you know?

After 5 years of being diagnosed with rheumatoid arthritis, one every three patients will no longer be able to work.

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

Went and Briggs demonstrated the relationship between light perception and auxin function. Went and Briggs demonstrated the relationship between light perception and auxin function.
Attachment is a close emotional relationship. Attachment is a close emotional relationship.
How to perform conversions between units with prefixes ranging from pico to mega How to perform conversions between units with prefixes ranging from pico to mega
The relationship between maternal age and the frequency of trisomy 21 (Down syndrome). The risk incr The relationship between maternal age and the frequency of trisomy 21 (Down syndrome). The risk incr
Relationship between the number of amino acid substitutions Relationship between the number of amino acid substitutions
Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ... Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ...
Video: Summary of female reproductive cycle days 1-28

For a complete list of videos, visit our video library