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An article in the Journal of Statistics Education reported the price of diamonds of different sizes ...

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Posts: 224
3 weeks ago
An article in the Journal of Statistics Education reported the price of diamonds of different sizes in Singapore dollars (SGD). The following table contains a data set that is consistent with this data, adjusted to US dollars in 2004:

Make a scatterplot and describe the association between the size of the diamond (carat) and the cost (in US dollars).
Textbook

Stats: Modeling the World

Edition: 4th
Authors:
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Posts: 266
3 weeks ago

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3 weeks ago
 An article in the Journal of Statistics Education reported the price of diamonds of different sizes in Singapore dollars (SGD). The following table contains a data set that is consistent with this data, adjusted to US dollars in 2004:Create a model to predict diamond costs from the size of the diamond.
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3 weeks ago
 The regression equation is2004 US $= - 559 + 8225 CaratPredicted cost = -558.52 + 8225.1(carat) wrote... 3 weeks ago  TY wrote... 3 weeks ago  Welcome wrote... 3 weeks ago  An article in the Journal of Statistics Education reported the price of diamonds of different sizes in Singapore dollars (SGD). The following table contains a data set that is consistent with this data, adjusted to US dollars in 2004:Do you think a linear model is appropriate here? Explain. wrote... 3 weeks ago  A linear model is appropriate for this problem. The residual plot shows no obvious pattern. wrote... 3 weeks ago  An article in the Journal of Statistics Education reported the price of diamonds of different sizes in Singapore dollars (SGD). The following table contains a data set that is consistent with this data, adjusted to US dollars in 2004:Interpret the slope of your model in context. wrote... 3 weeks ago  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. wrote... 3 weeks ago  Thank you, thank you, thank you! wrote... 3 weeks ago  You're welcome wrote... 3 weeks ago  An article in the Journal of Statistics Education reported the price of diamonds of different sizes in Singapore dollars (SGD). The following table contains a data set that is consistent with this data, adjusted to US dollars in 2004:Interpret the intercept of your model in context. wrote... 3 weeks ago  The intercept of the model is -558.52. The model predicts that a diamond of 0 carats costs -$558.52. This is not realistic.
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