# A diamond's price is determined by various measures of quality, including carat weight. The price of diamonds

## Question:

A diamond's price is determined by various measures of quality, including carat weight. The price of diamonds increases as carat weight increases. While the difference between the size of a 0.99 carat diamond and a 1 carat diamond is undetectable to the human eye, the price difference can be substantial.

**(a)** Use the data to assess whether there is a difference between the average standardized prices of 0.99 and 1 carat diamonds.

**(b)** Construct a \(95 \%\) confidence interval for the average difference between the standardized prices of 0.99 and 1 carat diamonds.

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**Related Book For**

## Introductory Statistics For The Life And Biomedical Sciences

**ISBN:** 9781943450121

1st Edition

**Authors:** Julie Vu, David Harrington