Question: 1. Before you apply the exploratory and simple linear regression tools to the data available in StatCrunch, examine visually the data in the table to

1. Before you apply the exploratory and simple linear regression tools

1. Before you apply the exploratory and simple linear regression tools to the data available in StatCrunch, examine visually the data in the table to get some insight into the mechanism for pricing diamonds. (a) What kind of relationship do you expect between the caratage of a diamond stone and its price? Should it be a linear or nonlinear relationship? Explain your answers. (b) What is the range of values for caratage and price? What are the caratage, colour, and clarity of the cheapest and the most expensive stone? (c) How easy is to make predictions about the price of a diamond given the caratage? Is it easier to make predictions about the price of a diamond with the caratage at the lower or at the higher end? Answer the questions by examining the data in the data table

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