Refer to Data Set 21 in Appendix B.
a. Use the paired data consisting of price and carat (weight). Is there a significant linear correlation between the price of a diamond and its weight in carats?
b. Use the paired price/colour data. Assuming the colour data is recorded in an interval scale, is there a significant linear correlation between the price of a diamond and its colour?
c. Assume that you are planning to buy a diamond engagement ring. In considering the value of a diamond, which characteristic should you consider to be more important: the carat weight or the colour? Why?