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1 The price of diamond rings A newspaper advertise ment in the Straits Times of...

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1 The price of diamond rings A newspaper advertise ment in the Straits Times of Singapore contained pictures of diamond rings and listed their prices diamond weight in carats and gold purity Based on data for only the 20 carat gold ladies rings in the advertisement the least squares regression line for predicting price in Singapore dollars from the weight of the diamond in carats is 7 TRIS price 259 63 3721 02 carats a What does the slope of this line say about the rela tionship between price and number of carats b What is the predicted price when number of you interpret this price 02 II

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