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wrote...
4 years ago
The correlation, r, is r = = 0.993 . Since the scatterplot shows a positive relationship, the positive value must be used.
wrote...
4 years ago
Thanks
wrote...
4 years 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:


Explain the meaning of R2 in the context of this problem.
wrote...
4 years ago
R2 = 0.987 . So 98.7% of the variation in diamond prices can be accounted for by the variation in the size of the diamond.
wrote...
4 years 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:


Would it be better for a customer buying a diamond to have a negative residual or a positive residual from this model? Explain.
wrote...
4 years ago
It would be better for customers to have a negative residual from this model, since a negative residual would indicate that the actual cost of the diamond was less than the model predicted it to be.
wrote...
4 years ago
Brilliant
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