Not included in the table below is a diamond with a weight of 1.50 carats. Find the best predicted price for this diamond. Is the result close to the actual price of $16,097? What is wrong with predicting the price of a 1.50-carat diamond?
Find the regression equation using α = 0.05, letting the first variable be the predictor (x) variable. Find the indicated predicted value by following the prediction procedure summarized in Figure.