Chapter 1.3, Problem 7MP

Matched Problem 7 Prices for emerald-shaped diamonds are given in Table 5. Repeat Example 7 for this data set.

EXAMPLE 7 Diamond Prices Table 4 gives diamond prices for round-shaped diamonds. Use linear regression to find the best linear model of the form y = ax + b for the price y (in dollars) of a diamond as a function of its weight x (in carats).

Table 4 Round-Shaped Diamond Prices

Weight (carats)	Price
0.5	$2,790
0.6	$3,191
0.7	$3,694
0.8	$4,154
0.9	$5,018
1.0	$5,898

Source: www.tradeshop.com