Prices for round-shaped diamonds taken from an online trader are given in Table 1. (A) A linear

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Prices for round-shaped diamonds taken from an online trader are given in Table 1.

(A) A linear model for the data in Table 1 is given by

where p is the price of a diamond weighing c carats. (We will discuss the source of models like this later in this section.) Plot the points in Table 1 on a Cartesian coordinate system, producing a scatter plot, and graph the model on the same axes.

(B) Interpret the slope of the model in (2).

(C) Use the model to estimate the cost of a 0.85-carat diamond and the cost of a 1.2-carat diamond. Round answers to the nearest dollar.

(D) Use the model to estimate the weight of a diamond (to two decimal places) that sells for $4,000.

Table 1 Round-Shaped Diamond Prices Weight (carats) 0.5 0.6 0.7 0.8 0.9 1.0 Price $2,790 $3,191 $3,694 $4,154

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A A scatter plot is simply a graph of the points in Table 1 Fig 2A To add the graph of the model to ...View the full answer

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Question Posted: Dec 16, 2023 08:19 AM

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Prices for round-shaped diamonds taken from an online trader are given in Table 1. (A) A linear

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A A scatter plot is simply a graph of the points in Table 1 Fig 2A To add the graph of the model to ...View the full answer

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