The Table Below Lists Weights (Carats) and Prices (Dollars) for Randomly

Essay

The table below lists weights (carats) and prices (dollars) for randomly selected diamonds. Find the regression
equation, letting the weight be the predictor variable. Find the best predicted price for a diamond with a weight
of 1.50 carats. What is wrong with predicting the price of a 1.50-carat diamond? $$\begin{array} { | l | l | l | l | l | l | l | } \hline \text { Weight } & 0.3 & 0.4 & 0.5 & 0.5 & 1.0 & 0.7 \\\hline \text { Price } & 510 & 1151 & 1343 & 1410 & 5669 & 2277 \\\hline\end{array}$$