The Table Below Lists Weights (Carats) and Prices (Dollars) for Randomly

question 32

Essay

The table below lists weights (carats) and prices (dollars) for randomly selected diamonds. Is there sufficient evidence to suggest that there is a linear correlation between weights and prices? Construct a scatterplot, and find the value of the linear correlation coefficient r . Also find the P -value or the critical values of r using $\alpha = 0.05$
$\begin{array} { | l | l | l | l | l | l | l | } \hline \text { Weight } & 0.3 & 0.4 & 0.5 & 0.5 & 1.0 & 0.7 \\\hline \text { Price } & 510 & 1151 & 1343 & 1410 & 5669 & 2277 \\\hline\end{array}$

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Definitions:

Consolidated Statements

Financial reports that aggregate the financial position and operations of a parent company and its subsidiaries as one single entity.

Operating Loss

A financial situation where a company's operating expenses exceed its gross profits.

Discontinued Operations

Components of a business—such as segments or subsidiaries—that have been disposed of or are held for sale, and are reported separately in financial statements for clearer assessment by investors.

Loss on Disposal

Loss on disposal occurs when the proceeds from the sale of an asset are less than its carrying amount on the books, resulting in a financial loss.