QQQ3. Diamond Prices Weight 0.3 0.4 0.5 0.5 1.0 0.7 Price 510 1151 1343 1410 5669 2277 Find the best predicted price for this diamond with a weight of 1.50 carats. Is the result close to the actual price of $16,097? What is wrong with predicting the price of a 1.50-carat diamond? Between the two variables. d) Find the regression equation, e) Letting the first variable be the predictor (x) variable, find the indicated predicted value.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.