3. Prices of diamonds are determined by what is known as the 4 Cs: cut, clarity, color, and carat weight. The prices of diamonds go up as the carat weight increases, but the increase is not smooth. For example, the difference between the size of a 0.99 carat diamond and a 1 carat diamond is undetectable to the naked human eye, but the price of a 1 carat diamond tends to be much higher than the price of a 0.99 diamond. In this question we use two random samples of diamonds, 0.99 carats and 1 carat and compare the average prices of the diamonds. In order to be able to compare equivalent units, we first divide the price for each diamond by 100 times its weight in carats. That is, for a 0.99 carat diamond, we divide the price by 99. For a 1 carat diamond, we divide the price by 100. 0.99 carats 1 carat $44.51 $13.32 Mean $54.42 SD $16.03 23 1558 Find a 95% confidence interval for the difference in Price Per Carat between 0.99 and 1.00 carat diamonds. Interpret the interval in context. If it helps, the degrees of freedom should be 22.951.

3. Prices of diamonds are determined by what is known as the 4 Cs: cut, clarity, color, and carat weight. The prices of diamonds go up as the carat weight increases, but the increase is not smooth. For example, the difference between the size of a 0.99 carat diamond and a 1 carat diamond is undetectable to the naked human eye, but the price of a 1 carat diamond tends to be much higher than the price of a 0.99 diamond. In this question we use two random samples of diamonds, 0.99 carats and 1 carat and compare the average prices of the diamonds. In order to be able to compare equivalent units, we first divide the price for each diamond by 100 times its weight in carats. That is, for a 0.99 carat diamond, we divide the price by 99. For a 1 carat diamond, we divide the price by 100. 0.99 carats 1 carat $44.51 $13.32 Mean $54.42 SD $16.03 23 1558 Find a 95% confidence interval for the difference in Price Per Carat between 0.99 and 1.00 carat diamonds. Interpret the interval in context. If it helps, the degrees of freedom should be 22.951.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Concept explainers

Differential Equations

Have you ever observed the movement of the satellites and rockets or how the planets go around the sun in their orbits? How will you determine their motion? Definitely they follow some scientific laws and these kinds of problems are framed as differential equations.

Question

3. Prices of diamonds are determined by what is known as the 4 Cs: cut, clarity, color,
and carat weight. The prices of diamonds go up as the carat weight increases, but the
increase is not smooth. For example, the difference between the size of a 0.99 carat
diamond and a 1 carat diamond is undetectable to the naked human eye, but the price
of a 1 carat diamond tends to be much higher than the price of a 0.99 diamond. In this
question we use two random samples of diamonds, 0.99 carats and 1 carat and compare
the average prices of the diamonds. In order to be able to compare equivalent units, we
first divide the price for each diamond by 100 times its weight in carats. That is, for a
0.99 carat diamond, we divide the price by 99. For a 1 carat diamond, we divide the
price by 100.
0.99 carats
1 carat
$44.51
$13.32
Мean
$54.42
SD
$16.03
23
1558
Find a 95% confidence interval for the difference in Price Per Carat between 0.99 and
1.00 carat diamonds. Interpret the interval in context. If it helps, the degrees of freedom
should be 22.951.

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