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

question 124

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:

Academic Major

The specific subject area that a student chooses to focus on during their undergraduate or graduate studies.

Dependent Personality Disorder

A mental health condition characterized by an overwhelming dependence on others to meet emotional and physical needs, often leading to difficulties in everyday functioning.

Population

The entire pool from which a statistical sample is drawn or the total number of people within a defined area considered for purposes of analysis.

Cognitive-Behavioral Therapy

A psychotherapeutic treatment that aims to change patterns of thinking or behavior that contribute to people's difficulties, thereby changing the way they feel.