Price of a Diamond: Finding Best Multiple Regression Equation Refer to Data Set 18 in Appendix B.

a. Using only the traditional “three C’s” of carat, color, and clarity, find the best multiple regression equation that could be used to predict the price of a diamond.

b. The variables of depth and table describe the cut of a diamond, which supposedly affects its color. Is there a significant linear relationship between the dependent variable of color and the independent variables of depth and table? If there is no significant linear relationship, does it mean that the color is not affected by depth and table?