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Author Question: What is the relationship between diamond price and carat size? 307 diamonds were sampled (ranging in ... (Read 76 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
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.
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tichca

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Reply 2 on: Feb 14, 2020
Thanks for the timely response, appreciate it

kalskdjl1212

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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