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Author Question: Interpret the slope of your model in context. What will be an ideal ... (Read 67 times)

khang

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on: Jul 25, 2018
Interpret the slope of your model in context.
 
  What will be an ideal response?

Question 2

Create a model to predict diamond costs from the size of the diamond.
 
  What will be an ideal response?


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rnehls

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Reply #1 on: Jul 25, 2018
Answer to Question 1

The slope of the model is 8225.1. The model predicts that for each additional carat, the cost of the diamond will increase by 8225.10, on average. This can also be interpreted as for each additional 0.01 carat, the cost of the diamond will increase by 82.251, on average.

Answer to Question 2

The regression equation is
2004 US  = -559 + 8225 Carat

Predictor Coef SE Coef T P
Constant -558.52 57.88 -9.65 0.000
Carat 8225.1 239.1 34.40 0.000

S = 64.9355 R-Sq = 98.7 R-Sq(adj) = 98.7

Predicted cost = -558.52 + 8225.1(carat)


khang

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Reply #2 on: Jul 25, 2018
Thanks


rnehls

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Reply #3 on: Jul 25, 2018
Welcome :)


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