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Diamond Rings Singapore Dollars

Diamond Rings Singapore Dollars. Stine and Foster Problem 19-37. This data table contains the listed prices and waits of the diamonds in 48 rings offered for sale in the Singapore times. The prices are in Singapore dollars with the weights in carats.

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Diamond Rings Singapore Dollars

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  1. Diamond RingsSingapore Dollars Stine and Foster Problem 19-37

  2. This data table contains the listed prices and waits of the diamonds in 48 rings offered for sale in the Singapore times. The prices are in Singapore dollars with the weights in carats. • Scatterplot the listed prices of the rings on the weights of the rings. Does the trend in the average seem linear? • Estimate the linear equation using least-squares. Interpret the fitted intercept and slope. Be sure to include their units. Note if either estimate represents a large extrapolation and is consequently not reliable. • Interpret the summary values R-Squared and standard error of regression associated with the fitted equation. Attach units to the summary statistics as appropriate. • What is the estimated difference in price on average between diamond rings with diamonds that weigh 0.25 and 0.35 carats? • The slope in this regression is a lot larger than the slope for the Emerald diamonds discussed in this chapter. Or is it? Notice that one Singapore dollar is currently worth about $0.65 and convert the slope to an analysis in US dollars. • These are rings not diamonds. How would you expect the cost of the setting to affect the linear equation between weight and price? • A ring with a 0.18 carat diamond lists for $325 Singapore. Is this a bargain? • Plot the residuals from this regression. If appropriate, emphasize summarize these by giving the mean and standard deviation of the collection of residuals. What does the standard deviation of the residuals tell you about the fit of this equation?

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