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.
Elrathia kingii growth series with holaspids ranging from 16.2 mm to 39.8 mm in length
Relationship between the number of CAG repeats in a gene and the age of onset of Huntington disease.
Diamond and Graphite
The effects of neonatal testosterone exposure on the size of the sexually dimorphic nuclei in male ...
Size of Particles
Population size