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 and a ... (Read 77 times)

jessicacav

  • Hero Member
  • *****
  • Posts: 558
on: Feb 14, 2020
What is the relationship between diamond price and carat size? 307 diamonds were sampled 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 coefficient of determination for the regression model.
◦ We expect most of the sampled diamond prices to fall within $2235.12 of their least squares predicted values.
◦ We can explain 89.25% of the variation in the sampled diamond prices around their mean using the size of the diamond in a linear model.
◦ For every 1-carat increase in the size of a diamond, we estimate that the price of the diamond will increase by $1117.56.
◦ There is sufficient evidence to indicate that the size of the diamond is a useful predictor of the price of a diamond when testing at alpha = 0.05.
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 jessicacav on Feb 14, 2020

Bsand8

  • Sr. Member
  • ****
  • Posts: 327
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


jessicacav

  • Member
  • Posts: 558
Reply 2 on: Feb 14, 2020
:D TYSM

hramirez205

  • Member
  • Posts: 345
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Alcohol acts as a diuretic. Eight ounces of water is needed to metabolize just 1 ounce of alcohol.

Did you know?

In 2010, opiate painkllers, such as morphine, OxyContin®, and Vicodin®, were tied to almost 60% of drug overdose deaths.

Did you know?

Alzheimer's disease affects only about 10% of people older than 65 years of age. Most forms of decreased mental function and dementia are caused by disuse (letting the mind get lazy).

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

Stroke kills people from all ethnic backgrounds, but the people at highest risk for fatal strokes are: black men, black women, Asian men, white men, and white women.

Diamonds Diamonds
Relative Size of the Body’s Fluid Compartments Relative Size of the Body’s Fluid Compartments
How to create a price index to calculate inflation for a basket of goods How to create a price index to calculate inflation for a basket of goods
Relationship between inorganic and organic nitrogen metabolism Relationship between inorganic and organic nitrogen metabolism
Relationship between Income and Happiness in the United States Relationship between Income and Happiness in the United States
Infant and Toddler Development and Responsive Program Planning: A Relationship-Based Approach Infant and Toddler Development and Responsive Program Planning: A Relationship-Based Approach
Video: Brain Lobes Animation

For a complete list of videos, visit our video library