Chapter 10.3A, Problem 10A

The following data show the cost of various diamonds of weights (measured in carats).

The Cost of Diamonds Compared to Their Weight
Carats	Cost ($)		Carats	Cost ($)
0.17	355		0.32	919
0.16	328		0.15	298
0.17	350		0.16	339
0.18	325		0.16	338
0.25	642		0.23	595
0.16	342		0.2	498
0.15	322		0.23	595
0.19	485		0.29	860
0.21	483		0.12	223
0.15	323		0.26	663
0.18	462		0.25	750
0.28	823		0.27	720
0.16	336		0.18	468
0.17	353		0.23	553
0.18	438		0.17	345
0.17	318		0.33	945
0.18	419		0.25	655
0.17	346		0.35	1086
0.15	315		0.18	443
0.17	350		0.25	678
0.32	918		0.25	675

Source: Singfat Chu. “Diamond Ring Pricing Using Linear Regression.” Journal of Statistics Education 4 (1996).

Draw a scatterplot of the data and determine if there is a trend line that could be used to predict the cost of 0.5 carat of a diamond.