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

question 21

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:

Net Operating Income

A profitability metric that calculates a company's potential income by subtracting operating expenses from revenue, excluding taxes and interest.

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Goods that have completed the manufacturing process but have not yet been sold or distributed to the end-user.