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Diamond Ring Pricing Using Linear Regression

Diamond Ring Pricing Using Linear Regression

The dataset presented in this article, created by Singfat Chu of the National University of Singapore, contains information on the prices and weights of diamond stones; it can be used to illustrate simple linear regression and encourage students to think critically about the appropriateness of a model. The data is in .dat format. Some of the key concepts includes: extrapolation interpretation of intercept, model-building and transformations. This is an excellent example of how statistics can easily be applied to many different fields of study.

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