Scribd
Upload
39 views1 page

Assignment 1

The document contains data on the size (in carats) and price (in Singaporean dollars) of diamond rings. It includes 50 data points listing the size and price of individual rings. The document discusses using statistical techniques like determining measures of central tendency and dispersion to analyze the relationship between size and price, and using these techniques to develop a linear regression model to predict price based on size.

Uploaded by

asadsami1
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
39 views1 page

Assignment 1

The document contains data on the size (in carats) and price (in Singaporean dollars) of diamond rings. It includes 50 data points listing the size and price of individual rings. The document discusses using statistical techniques like determining measures of central tendency and dispersion to analyze the relationship between size and price, and using these techniques to develop a linear regression model to predict price based on size.

Uploaded by

asadsami1
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

size 0.17 0.16 0.17 0.18 0.25 0.16 0.15 0.19 0.21 0.15 0.18 0.28 0.16 0.

2 0.23 0.29 0.12 0.26 0.25 0.27 0.18 0.16 0.17 0.16 0.17 0.18 0.17 0.18 0.17 0.15 0.17 0.32 0.32 0.15 0.16 0.16 0.23 0.23 0.17 0.33 0.25 0.35 0.18 0.25 0.25 0.15 0.26 0.15

price 355 328 350 325 642 342 322 485 483 323 462 823 336 498 595 860 223 663 750 720 468 345 352 332 353 438 318 419 346 315 350 918 919 298 339 338 595 553 345 945 655 1086 443 678 675 287 693 316

Reference: Chu, S. (1996). Reference: Diamond Ring Pricing Using Linear Regression. Journal of Statistics Education The data provide information about the size of diamond ring (in carats) and price of diamond rings (in Singaporean Dollars). The price of every commodity depends on multiple characteristics. Size of diamond is an important factor in determining the price. But is it the only factor that affects price? How does price behave in this particular market? What are the common sizes of diamonds in this market? Can we develop some relationships between the price and size? And many more questions may arise. They could be properly answered by using appropriate statistical techniques. Variable descriptions: 1. Determine mean, mode, median, Q1 2. and Q 3 for size and price. Determine range, Variance, Standard Deviation (SD), and MAD(mean), for size and price. Find mean+/- SD and interpret for size and price. Determine Range, variance, Standard Deviation (SD) for Size and Price. Find Mean +/- SD and describe the interval. Do the same for Mean +/2(SD) and Mean +/- 3(SD). Draw scatter plot between Size and Price and give your comments. Construct 95% confidence interval for Pr ice and Size . Write

3. 4.

5.

6. 7.

comments. 8. Construct 90% confidence intervals for Pr ice and write comments.

Submission date Group Assignment

October 4, 2009

You might also like