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

question 123

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 $\alpha = 0.05$ $$\begin{array} { | l | l | l | l | l | l | l | } \hline \text { Weight } & 0.3 & 0.4 & 0.5 & 0.5 & 1.0 & 0.7 \\\hline \text { Price } & 510 & 1151 & 1343 & 1410 & 5669 & 2277 \\\hline\end{array}$$

Identify and understand the implications of differences in the treatment of equivalent units for direct materials and direct labor.

Understand the fundamentals and applications of process cost accounting systems.

Explore the concept and calculation of equivalent units of production.

Interpret and apply factory overhead in the context of process costing.

---

Definitions:

Promisee

The individual or party to whom a promise or commitment is made within the context of a contract.

Promisor

An individual or entity that makes a promise or agreement to perform a particular action in a contract.

Delegatee

An individual or party to whom duties or authority have been delegated by another, known as the delegator.

Incidental Beneficiary

A third party who benefits from a contract between two other parties, but for whom the benefit was not the contract's primary intent.