n the Journal of Statistics Education reported the price of diamonds of diterent
ID: 2906861 • Letter: N
Question
n the Journal of Statistics Education reported the price of diamonds of diterent dolars(SGD) The folowing table contains a data set that is consistent with this sizes in data, adjusted to U/S dollars in 2004 US 2004 US S Carat2004 US S Carat 88 24 015 1105.03 1508 880.25 1826.180 2096.89 0.20 504 440 9763 027 09 a) Construct a linear model to predict diamond costs from the size of the diamond. (Least-square regression ine, Line of Best Fit) Cost 558. 5a + 8aa5.I Carats O- b) What is the correlation coefficient between cost and size? What type of relationship is implied by the correlation coefficient? 0.4as. Strong positive correlation rr and panation 98.7% of the variation in diamordo prices can be accounted for bu the A c) Determine R2. What does this value mean in the context of this data? ra 0.987, ra and lanatioN variation in the size of the diamond Using the linear model that you created, predict the cost of 0 14 carat diamond? Show the math used to get this answer and cost-558.50t 8aa5.1 (0.14) nsw. cost: # 59a.qqExplanation / Answer
y: 2004 US $
x: Carat
By using Ti-84 we can solve this question.
First, enter data into Ti-84
Click on STAT -------> Edit --------> Enter value
y: L1
x: L2
Then Click on STAT --------> CALC -----------> LinReg(a+bx) ----------> Enter values ---------->
XList: L2
YList: L1
Calcualte
We get a = - 558.52
a = 8225.1
Your all answer are correct.
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