The price of a diamond depends on its colour, cut, clarity, and carat weight. Here are data from a quality diamond merchant (so we can assume good cut) for diamonds of the best colour (D) and high clarity (VS1).

a) Are the assumptions and conditions met for finding a correlation?

b) The correlation is 0.937. Using that information, describe the relationship.

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Price Carat Price Carat 1079 0.33 0.62 3116 1079 0.63 0.33 3165 0.64 0.39 1030 2600 0.40 1150 0.70 3080 0.41 1110 0.70 3390 0.42 1210 0.71 3440 1210 0.71 0.42 3530 1570 0.71 4481 0.46 4562 0.47 2113 0.72 2147 0.75 5069 0.48 0.51 1770 0.80 5847 1720 0.56 0.83 4930 0.61 2500 5000 + 4000 + E 3000 + 2000 + 1000 + + 0.125 0.250 0.375 0.500 0.625 0.750 Weight (carats) Price