Solve it with step by step approach .Thanks
Posted: Thu Jul 14, 2022 4:50 pm
Solve it with step by step approach .Thanks
5.31 The Price of Diamond Rings. Online advertisements contained pictures of diamond rings and listed their prices, diamond weights (in carats), and gold purity. Based on data for only the 18-carat gold ladies' rings in the advertisements, the least-squares regression line for predicting price (in dollars) from the weight of the diamond (in carats) is 1818 price =−6047.75+11975.14 carats a. What does the slope of this line say about the relationship between price and number of carats? b. What is the predicted price when number of carats =0 ? How would you interpret this price?
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