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

question 3

Essay

The table below lists weights (carats) and prices (dollars) for randomly selected diamonds. Find the regression equation, letting the weight be the predictor variable. Find the best predicted price for a diamond with a weight of $1.50$ carats. What is wrong with predicting the price of a $1.50$ -carat diamond?
$\begin{array}{|l|l|l|l|l|l|l|}\hline \text { Weight } & 0.3 & 0.4 & 0.5 & 0.5 & 1.0 & 0.7 \\\hline \text { Price } & 510 & 1151 & 1343 & 1410 & 5669 & 2277 \\\hline\end{array}$

---

Definitions:

Physical Handling

The process involving the manual or mechanical manipulation and movement of physical goods and materials.

Payment Approval

The process of verifying and authorizing the release of funds to settle a transaction or invoice.

Inbound Transportation

Inbound transportation refers to the movement of goods or materials into a firm or factory from suppliers through various modes of transport like road, rail, sea, or air.

Outbound Transportation

involves the movement of finished goods from the warehouse to the end customer, an essential part of the distribution process.