Use MINITAB for this problem. The following table gives the size (in carats) and the price...
Use MINITAB for this problem. The following table gives the size (in carats) and the price (in dollars) of diamonds
size (x) .17 .16 .17 .18 .25 .16 .15 .19 .21
price (y) 353 328 350 325 642 342 322 485 483
a. is the equation useful in predicting the price of a diamond? why or why not?
b. how strong is the relationship between the size of a diamond and it's price?
c. at a=.01, in this analysis significant? Why or why not?
d. how much variation is there in the price of any diamond?
e. You find a diamond in a store that is .23 carats and the salesperson wants to sell it to you for $500. Is it a good deal? Why or why not?
f. which of the nine diamonds was the worst deal for the person who bought it? why or why not?
Homework Answers
Add Answer to:
Use MINITAB for this problem. The following table gives the size
(in carats) and the price...
R programming: Size Price 0.17 355 0.16 328 0.17 350 0.18 325 0.25 642 0.16 342...
R programming:
Size Price
0.17 355
0.16 328
0.17 350
0.18 325
0.25 642
0.16 342
0.15 322
0.19 485
0.21 483
0.15 323
0.18 462
0.28 823
0.16 336
0.2 498
0.23 595
0.29 860
0.12 223
0.26 663
0.25 750
0.27 720
0.18 468
0.16 345
0.17 352
0.16 332
0.17 353
0.18 438
0.17 318
0.18 419
0.17 346
0.15 315
0.17 350
0.32 918
0.32 919
0.15 298
0.16 339
0.16 338
0.23 595
0.23 553...
R programming:
Size Price
0.17 355
0.16 328
0.17 350
0.18 325
0.25 642
0.16 342
0.15 322
0.19 485
0.21 483
0.15 323
0.18 462
0.28 823
0.16 336
0.2 498
0.23 595
0.29 860
0.12 223
0.26 663
0.25 750
0.27 720
0.18 468
0.16 345
0.17 352
0.16 332
0.17 353
0.18 438
0.17 318
0.18 419
0.17 346
0.15 315
0.17 350
0.32 918
0.32 919
0.15 298
0.16 339
0.16 338
0.23 595
0.23 553...
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