Question: (Each part is worth 5 points) A couple shopping for a diamond engagement ring is interested in the relationship between the price of the ring

(Each part is worth 5 points) A couple shopping for a diamond engagement ring is interested in the relationship between the price of the ring y (in dollars) and the size of the diamondx (in carats). A sample of n = 351 rings were evaluated and the following polynomial regression results of the data were reported. y hat 2 522.7 + 23862: + 4498.22:2 SSResid = 12212.5 SSTotal = 13192.6753 a. Test the overall utility of this gm regression model, and show all six steps. Use a = .05 . b. Given that sz,z = 263.0 , test whether or not the (1:2 term is important (useful) in the aforementioned model. Use a = .05. 0. Estimate the price for Debra's ring, which has a 2 carat diamond. d. Compute and interpret the value of R2 , the coefcient of multiple determination. 6. Compute the value of the adjusted R2 statistic. Compare it to the value of R2 ? Why is it different? f. Calculate an estimate of the standard deviation of the residuals (i.e. calculate an estimate of 0'5 ). [Upload a single .PDF or .DOCX file showing your BY HAND work and solution for this exercise.]

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