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Author Question: What is the relationship between diamond price and carat size? 307 diamonds were sampled and a ... (Read 55 times)

jessicacav

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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
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Marked as best answer by jessicacav on Feb 14, 2020

Bsand8

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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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jessicacav

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Reply 2 on: Feb 14, 2020
Great answer, keep it coming :)

tranoy

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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