What Is the Relationship Between Diamond Price and Carat Size $89.25 \%$

question 10

Multiple Choice

What is the relationship between diamond price and carat size? 307 diamonds were sampled and a straight-line relationship was hypothesized between y = diamond price (in dollars) and x = size of
The diamond (in carats) . The simple linear regression for the analysis is shown below: Least Squares Linear Regression of PRICE
Predictor


Interpret the standard deviation of the regression model.

• A) We can explain \(89.25 \%\) of the variation in the sampled diamond prices around their mean using the size of the diamond in a linear model.
• B) For every 1-carat increase in the size of a diamond, we estimate that the price of the diamond will increase by \(\$ 1117.56\).
• C) We expect most of the sampled diamond prices to fall within \(\$ 1117.56\) of their least squares predicted values.
• D) We expect most of the sampled diamond prices to fall within \(\$ 2235.12\) of their least squares predicted values.

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Definitions:

Double-Blind Study

A double-blind study is a research design in which neither the participants nor the experimenters know who is receiving a particular treatment, to prevent bias.

Experimental Group

In an experiment, the group of participants who are exposed to the independent variable to assess its effect on a dependent variable.

Control Group

In experimental research, a group of subjects that does not receive the treatment being tested, used as a benchmark to measure the effects of the treatment.

Significant

Having a meaningful or important impact, often used in the context of statistical or experimental results.