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wrote...
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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Answer verified by a subject expert
wrote...
Posts: 266
3 weeks ago
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There is a strong, positive, linear association between the size of the diamond and its cost. The cost of a diamond increases with size.
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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:


Create a model to predict diamond costs from the size of the diamond.
wrote...
3 weeks ago
The regression equation is
2004 US $ = - 559 + 8225 Carat


Predicted cost = -558.52 + 8225.1(carat)
wrote...
3 weeks ago
TY
wrote...
3 weeks ago
Welcome Slight Smile
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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