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.

Transcribed Image Text:

Weight 0.3 0.4 Price 0.5 0.5 1.0 0.7 510 15 1343 41056692277 Strategy for Predicting Values of y Is the regression equation a good model? The regression line graphed in the scatterplot shows that the line fits the points well . rindicates that there is a linear correlation. . The prediction is not much beyond the scope of the available sample data Yes. The regression equation is a good model No. The regression equation is not a good model. Substitute the given value of xinto the regression Regardless of the value of the best predicted value of y is the value of y (the mean of the yvalues) equation bothix