University of Virginia STAT STAT 1120 Hi, can someone help me with these questions please? 1) We expect a…
6) A newspaper advertisement contained pictures of diamond rings with gold bands and listed their prices and diamond weight (in carats). The least squares regression line for predicting price (in dollars) from the weight of the diamond (in carats) is the following.
Price = 254.65 + 3725.09 Carats
6.1) What does the slope of this line say about the relationship between price and number of carats? (Enter your answer to the nearest cent.)
Increasing the size of a diamond by 1 carat increases its price by ? on average?
6.2) What is the predicted price when number of carats = 0? (Enter your answer to the nearest cent.)
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