This data table contains the listed prices and weights of the diamonds in 48 rings offered for
Question:
(a) Add an imaginary ring with the weight and this price of the Hope Diamond (in Singapore dollars) to the data set as a 49th case. How does the addition of the Hope Diamond to these other rings change the appearance of the plot? How many points can you see?
(b) How does the fitted equation of the SRM to this data change with the addition of this one case?
(c) Explain how it can be that both R2 and se in-crease with the addition of this point.
(d) Why does the addition of one point, making up only 2% of the data, have so much influence on the fitted model?
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Related Book For
Statistics For Business Decision Making And Analysis
ISBN: 9780321890269
2nd Edition
Authors: Robert Stine, Dean Foster
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