Refer to Data Set 21 in Appendix B. a. Use the paired data consisting of price and
Question:
a. Use the paired data consisting of price and carat (weight). Is there a significant linear correlation between the price of a diamond and its weight in carats?
b. Use the paired price/colour data. Assuming the colour data is recorded in an interval scale, is there a significant linear correlation between the price of a diamond and its colour?
c. Assume that you are planning to buy a diamond engagement ring. In considering the value of a diamond, which characteristic should you consider to be more important: the carat weight or the colour? Why?
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Step by Step Answer:
a a Your calculator will probably switch to exponential notation due to the large price values If mo...View the full answer
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